Spotify today announced a slight increase in its monthly subscription fees. The popular music platform is set to raise its subscription price by $1, bringing the new cost to $10.99 per month. This move follows a series of similar price adjustments made by other prominent streaming services in the industry.
Spotify’s decision to raise its subscription price aligns with the ever-evolving landscape of the music streaming market. As reported by The Verge, YouTube Music recently hiked its price to $10.99, a step that was followed by both Apple Music and Amazon Music Unlimited. While the competition might be increasing their rates, it’s essential to note that each of these platforms offers various bundled services and discounts to provide added value to their customers.
Spotify’s CEO, Daniel Ek, addressed the company’s pricing strategy during an analyst meeting in April, revealing that being a lower-cost provider had been beneficial for them to some extent. However, the primary focus has always been on delivering an unparalleled experience to users. The price increase was seen as a logical step in the company’s long-term vision, as it allows them to continue providing top-notch services and features.
The new pricing structure will be as follows:
- Individual — $10.99/mo., up from $9.99/mo.
- Duo — $14.99/mo., up from $12.99/mo.
- Family — $16.99/mo., up from $15.99/mo.
- Student — $5.99/mo., up from $4.99/mo.