Spotify increases premium subscription fees

On Monday, music-streaming giant Spotify announced new subscription fees for its US customers. The company confirmed that the premium subscription price will increase in July from $10.99 to $11.99, reflecting a nearly 1% rise.

The Duo and Family plans will rise to $16.99 and $19.99, marking a $2 and $3 increase, respectively. The student plan, however, will remain unchanged at $5.99 per month. Spotify recently reported a 20% increase in revenue, a 14% rise in premium subscribers, and a record quarterly profit.

This new pricing structure places Spotify above its major competitor, Apple, which charges $10.99 and $16.99 for individual and family plans.

Spotify’s price increase follows a similar announcement last year, which included global price hikes. In the US, the ad-free individual premium plan was raised from $9.99 to $10.99 per month, with the Duo, Family, and Student plans also seeing increases.

The company stated that premium subscribers will receive an email about the price increase next month. Additionally, the new premium prices are effective immediately for new subscribers, while existing subscribers will see the change on their July billing date.