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Spotify announced on Monday that it was increasing the price of its premium plans for the first time since the music subscription service launched in the US in 2011.
The company’s popular premium singles plan is now $10.99 (was $9.99). The new number brings pricing in line with individual plans for audio streaming competitors like Apple Music, Amazon Music Unlimited, YouTube Music, and Tidal.
Spotify’s Premium Duo plan will increase from $12.99 to $14.99, while Premium Family and Premium Student will each increase by a dollar to $16.99 and $5.99, respectively.
“With more than 200 million premium subscribers, we’re proud to be the world’s favorite audio streaming subscription service, offering premium users access to on-demand and ad-free music listening, offline music downloads and high-quality music streaming,” the company said on Monday.
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Spotify announced on Monday July 24 that it is increasing the prices of its Premium plans. (Portal/Dado Ruvic/Illustration/File Photo / Portal Photos)
“The market landscape has continuously evolved since our launch. To help us continue to innovate, we are changing our premium pricing in a number of markets around the world,” he added. “These updates will help us continue to bring value to fans and artists on our platform.”
Markets where prices will increase include the United States, Mexico, Canada, the United Kingdom and Europe, Brazil and Australia, among others.
According to Spotify, existing Premium plan subscribers will be “notified via email and given a one-month grace period before the new price takes effect unless they cancel before the grace period ends.”
A more expensive subscription plan from Spotify is also reportedly in the works, offering users high-fidelity audio.
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Spotify’s new price of $10.99 for Spotify’s Premium Singles plan puts it in line with other competitors. (Nikos Pekiaridis/NurPhoto via Getty Images / Getty Images)
In June, Bloomberg reported that listeners of the audio-streaming giant outside the US will get the option nicknamed “Supremium” in 2023.
The plan will reportedly be priced above the options currently available.
The idea for the high-fidelity audio feature dates back to February 2021, when Spotify originally announced it intended to add it in certain markets for those with premium accounts.
The company described Spotify HiFi, which was later delayed, as designed to “bring CD-quality lossless audio format music to your device and Spotify Connect-enabled speakers.” Lossless audio is already available for listening options with Amazon Music and Apple Music.
Spotify is also reportedly planning a pricier subscription that will offer users high-fidelity audio. (Onur Dogman/SOPA Images/LightRocket via Getty Images / Getty Images)
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The audio-streaming giant told Bloomberg in June that while it “continuously iterates and develops ideas to improve our product offering and bring value to users,” it doesn’t comment on “speculations about potential new features.”
Aislinn Murphy of FOX Business contributed to this report.