Spotify Raises Premium Plan Prices in US to $11.99 in July for Second Time in a Year

Jun 3, 2024, 12:00 PM

Spotify has announced another increase in the prices of its premium plans in the United States, marking the second hike within a year. The Premium Individual plan will rise from $10.99 to $11.99 per month, the Duo plan will increase from $14.99 to $16.99, and the Family plan will go from $16.99 to $19.99. The new prices will take effect in July. This move is part of Spotify's strategy to boost its margins amidst ongoing streaming inflation. Despite these increases, Spotify maintains a low monthly churn rate of around 2%, indicating strong customer retention. $SPOT shares rose 4.3% in pre-market trading following the announcement.