SALT LAKE CITY (KTVX) — Spotify announced Monday it has increased the cost of its premium music services, becoming the latest streaming service giant to raise subscription prices.
The new subscription price will kick in on the next billing date. For single users, the price increases to $10.99 from $9.99. Spotify’s group subscriptions, Premium Duo and Premium Family, will also see price hikes to $14.99 and $16.99, respectively.
Spotify said the increase in its subscription prices is to help the company continue to innovate and create new offerings and features on the platform for “the best experience” possible. With a Spotify Premium subscription, users can listen to music on demand and stream ad-free tunes. For the additional money, Spotify also provides higher-quality music streaming and offline downloads.
The hike in prices makes Spotify the latest streaming service to raise the prices of their subscriptions.
Last week, Peacock announced an increase in its Premium and Premium Plus subscriptions, set to go into effect in August. Additionally, YouTube increased its subscription services over the weekend.
Paramount+, HBO Max (now just MAX) and Netflix announced price hikes earlier this year, just a few months after Disney+ and Hulu raised their subscription prices. In October 2022, Apple Music, Spotify’s competitor, raised subscription prices.
