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Spotify, the digital music service giant, is reportedly gearing up to increase the prices of its premium plans in the U.S. for the first time since its inception 12 years ago. Insiders suggest that the cost for the individual premium plan could rise from $9.99 to $10.99 monthly, with new pricing anticipated to roll out next week.
As per Tech Radar, while Spotify has not announced anything official yet regarding the price increase in the U.S., observers from the media said the possibility is very high. They said that the fee for the individual premium plan may go up from $9.99 to $10.99 per month, and this new pricing could be implemented next week.
Previously, price hikes on Spotify were only applied to the Family plan. In 2021, this price was $14.99 and raised to $15.99. This year, the company is raising fees for its subscribers.
It was reported that in April, Spotify's chief executive officer, Daniel Ek, already hinted about the price increase for the individual plan. And apparently, it will take effect now. The company is said to be struggling financially, so the hike is necessary.
With this move, Spotify is no longer the only music streaming service provider that has not imposed a subscription fee increase. Amazon Music and Apple Music have previously raised their fees, and Spotify finally budged and joined them in the shift for prices in the U.S.
Meanwhile, Phone Arena noted that the increase may also be announced for other markets in the coming weeks, so Spotify subscribers in other regions will have to pay more as well soon. Currently, the Stockholm, Sweden-based music streaming provider is offering a free, ad-supported plan, but there is a limit of 14 days only. The user may continue using the platform by signing up for the paid plans.
Photo by: Reet Talreja/Unsplash
