Yet another streaming service is bumping up prices.
Spotify has joined the growing list of services to hike subscription costs, announcing plans Monday to raise the monthly charge for its premium plans.
Effective immediately, a Premium Single subscription will jump from $10 per month to $11. Premium Family and Student plans are also going up by a dollar, with costs rising to $17 and $6 per month, respectively. And the Premium Duo plan will see a $2 increase, moving from $13 to $15.
“The market landscape has continued to evolve since we launched. So that we can keep innovating, we are changing our Premium prices across a number of markets around the world,” Spotify said in a blog post announcing the changes. “These updates will help us continue to deliver value to fans and artists on our platform.”
There could be an element of catch-up involved as well. Apple Music, Amazon Music, and YouTube Music all raised the cost of their individual plans to $11 in recent months. And video services are doing the same.
Peacock, last week, raised its prices by as much as $2 per month. And the price of YouTube Premium jumped from $11.99 to $13.99 per month as well.
In January, Warner Bros. Discovery hiked the price of its Max platform by $1 per month. Last year, Disney raised the price of the ad-free version of Disney+ by $3 per month and tacked an extra $2 per month charge onto Hulu’s ad-free service. Netflix, also, has raised prices, increasing the price of its standard plan by $1.50 and recently doing away with its Basic plan for new customers.
The move by Spotify will bring a cash windfall. The company, in its most recent earnings summary, said it had roughly 210 million premium subscribers, meaning the company could see an additional $2.5 billion in revenue.
Premium subscribers will be given a one-month grace period before the new price becomes effective, unless they cancel before that period ends.
