Business

Spotify to Increase Premium Subscription Cost in US

Jun 3, 2024 1 min read

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Spotify is set to raise the prices for its premium subscription plans in the U.S. The Premium Individual plan will increase from $10.99 to $11.99 per month, the Premium Duo plan will rise from $14.99 to $16.99 per month, and the Premium Family plan will go from $16.99 to $19.99 per month. The Premium Student plan will remain at $5.99 per month. The changes are aimed at allowing Spotify to invest in and innovate on its product features and user experience.

The new pricing will take effect for new subscribers starting in July 2024, with existing subscribers being informed of the changes via email over the next month. This marks the second price increase in a year for Spotify's premium plans, following a similar hike in the previous year. Shares of Spotify saw a 1.76% increase in premarket trading following the announcement, amid the company's reported 14% year-over-year growth in Premium subscribers. The price increases will also affect international subscribers.

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