Spotify joins rising listing of companies elevating costs

SALT LAKE CITY (KTVX) — Spotify introduced Monday it has elevated the price of its premium music companies, turning into the most recent streaming service big to boost subscription costs.

The brand new subscription worth will kick in on the subsequent billing date. For single customers, the worth will increase to $10.99 from $9.99. Spotify’s group subscriptions, Premium Duo and Premium Household, may even see worth hikes to $14.99 and $16.99, respectively.

Spotify mentioned the rise in its subscription costs is to assist the corporate proceed to innovate and create new choices and options on the platform for “one of the best expertise” attainable. With a Spotify Premium subscription, customers can take heed to music on demand and stream ad-free tunes. For the extra cash, Spotify additionally offers higher-quality music streaming and offline downloads.

The hike in costs makes Spotify the most recent streaming service to boost the costs of their subscriptions.

Final week, Peacock introduced a rise in its Premium and Premium Plus subscriptions, set to enter impact in August. Moreover, YouTube elevated its subscription companies over the weekend.

Paramount+, HBO Max (now simply MAX) and Netflix introduced worth hikes earlier this yr, just some months after Disney+ and Hulu raised their subscription costs. In October 2022, Apple Music, Spotify’s competitor, raised subscription costs.