Spotify is officially raising its Premium subscription prices in the US, effective July 2024. This news comes just a year after the platform’s previous increase, marking the second price hike in as many years.
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Breakdown of the New Pricing Structure
Spotify Raises plans:
Spotify Raises 2nd time in a Year
This pricing update follows reports of a potential hike back in April. The increases mirror last year’s adjustments – a $1 jump for individual plans and a $2 increase for Duo plans. However, the Family plan faces a steeper climb this time around, rising by a substantial $3.
Reasons Behind Spotify Raises Prices (Speculation)
This move comes as a surprise to some, considering Spotify hadn’t raised its fees for over a decade before the previous increase. The company hasn’t officially commented on the specific reasons behind the latest hike, but past statements suggest investments in “product offerings and features” may be a driving factor. This could include expanding the music library, developing original podcasts, or improving the user interface.
Students Get a Break
The news isn’t all bad for students, who will continue to enjoy Spotify Premium at the current price of $5.99 per month.
What Existing Subscribers Can Expect
However, existing Premium subscribers can expect an email notification from Spotify detailing the price change in the coming weeks. This email will also provide a link to cancel your plan if you choose not to continue at the new rate. Trial users will get one month free plan before automatically transitioning to the new $12 monthly fee.
Impact on Subscribers and the Market
With rising inflation and a crowded music streaming market, this price increase might push some users to reconsider their subscriptions. Evaluating your listening habits and exploring alternative platforms with competitive features and pricing could be worthwhile.
The impact of this move on Spotify’s subscriber base remains to be seen. Only time will tell if users are willing to pay more for the platform’s music library, podcasts, and other features, or if they’ll seek out more budget-friendly options.
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