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Spotify Raises Premium Subscription Prices in US, Now $3 More Expensive Than Apple Music, Stock Rises 5%

Jun 3, 2024, 01:46 PM

Spotify has announced a price increase for its premium subscription plans in the United States, marking the second such hike within a year. Starting in July, the price for the Spotify 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 up from $16.99 to $19.99, making it $3/mo more expensive than Apple Music. The Student plan will remain at $5.99 per month. This move comes as Spotify aims to boost its margins amid ongoing streaming inflation, following a previous hike in July 2023. Following the announcement, Spotify's stock saw a rise of approximately 5%.