Spotify premium subscribers in the United States will soon have to pay more to keep listening to their favorite songs and podcasts without disruption. The streamer announced on Monday that it would raise the cost of its premium tiers for U.S. users, marking the second price hike in less than a year.
Back in July 2023, Spotify increased the price of the Individual plan to $10.99 while also setting a higher cost for the Duo plan ($14.99), Family plan ($16.99), and Student ($5.99) plan. According to the new prices, which will come into effect next month, an Individual subscription will cost $10.99, Duo will cost $16.99, Family will come at a cost of cost $19.99, while the price of a Student plan will remain unchanged.
According to Spotify, the most recent price hike will allow the company to “continue to invest in and innovate on our product features and bring users the best experience.”
Spotify has been facing a number of challenges in recent months in attempts to stay profitable. As a result, the company also increased subscription costs in other international markets, reduced its podcast business, and laid off some of its staff.
After the announcement of price hikes, Spotify’s shares jumped 4.28% to trade at $309.42 on Monday. The company’s stock is 63.89% up year to date.