The news: Spotify is raising the prices of all its Premium plans, marking the first increase in over a decade. By the numbers: In the U.S., the Premium Single subscription will now be $11 per month, up from the long-standing $10 since 2011. The Premium Family and Student plans will cost $17 and $6 per month, respectively. Premium Duo will have the largest hike, going up to $15 per month. Similar price adjustments will also apply in other countries, including Canada, France, the U.K., Mexico, and Australia. The bigger picture: The move comes after similar price hikes by competitors like Apple Music, Amazon Music, Tidal, and YouTube Music. According to Spotify, the evolving market landscape justifies the price increases, as it aims to support its growth and continue delivering value to fans and artists on its platform. The company's user base remains robust, with five million more users reported in the first quarter of 2023. An additional cost of $12 per year may not significantly impact sign-ups or user engagement.
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