In a move that will impact millions of its users, Spotify is set to increase its U.S. premium subscription prices starting in July.
The price for individual plans will rise from $10.99 to $11.99 per month.
This adjustment marks the second consecutive annual price increase, with a similar hike occurring last July.
In addition to the individual plan, Spotify’s Duo and Family plans will see new rates of $16.99 and $19.99 per month, respectively.
The Student plan remains unchanged at $5.99 per month.
With this increase, Spotify’s individual plan now exceeds the cost of Apple Music’s, which remains at $10.99 for individual plans and $16.99 for family plans.
This positions Spotify’s pricing as more premium compared to its competitor.
Subscribers can expect to receive email notifications regarding the price changes within the next month.
While the new pricing is effective immediately for new subscribers, existing premium subscribers will see the change reflected in their billing starting from July.
This price adjustment comes on the heels of a strong financial performance by Spotify, which reported a 20% increase in revenue and a 14% rise in premium subscribers, alongside achieving a record quarterly profit.
