Not long ago, all the popular music streaming services raised their prices. The new pricing policy has made Spotify cheaper than many other services. For example, Spotify’s plan now costs only $10, while Apple Music’s individual subscription will be $11 after the increase. However, that may soon change.
Spotify CEO Daniel Ek said that Spotify considered raising subscription prices in the U.S. region the other day. About the increase, he said it’s “one of the things we’d like to do, and it’s something we’ll look into with our label partners.” Unfortunately, he didn’t elaborate on how much they plan to raise prices or when we should expect an increase.
As I mentioned above, Spotify’s individual plan is currently $10 a month, the Duo plan (for two accounts) is $13 a month, and the Family plan (for six people) is $16 a month.
For the price increase, Spotify must first consult with the labels they work with. After that, they will most likely be able to finally form their opinion regarding the price increase. Although many expected Spotify not to raise prices as Spotify has reported growth over the last year and exceeded subscriber expectations in the previous quarter. The CEO mentioned that the price increase would be in response to price increases by other services. More on the price hike plans will likely be as early as 2023.