HomeIndustriesSpotify Plans to Raise the Prices for Premium Plan in the U.S.

Spotify Plans to Raise the Prices for Premium Plan in the U.S.

Americans are set to pay higher prices for their premium Spotify experience. The music streaming platform plans to increase the subscription fee for their ad-free premium plan in the U.S., according to a recent report by Wall Street Journal.

The current price of the Spotify premium plan is $9.99. The hike will see the cost increase by $1 to $10.99 and is expected to be announced next week. The company reportedly plans to update its prices in other markets in the upcoming months as well.

Spotify’s decision to increase the price of its premium plan doesn’t come as a surprise. The company is making a push to become more profitable, and a price hike will go a long way in helping them achieve this goal.

Also, rival music streaming services, including Apple Music, Amazon Music, and YouTube Music, have all made their subscription plans costlier in recent months, and it was only a matter of time before Spotify followed suit.

The shares of Spotify have briefly surged following the report, jumping to $176.32 per share at one point. However, they quickly leveled down and closed at $171.71 per share. The company’s stock is 109.66% up year-to-date.

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