Spotify is hiking its prices again

Beginning successful July, Spotify's US subscribers volition wage $1 much per period for its ad-free premium plan, rising to $11.99 per month.

NEW YORK -- Spotify is expanding its prices again, little than a twelvemonth aft it past hiked prices for astir of its subscription plans.

The latest terms hike comes arsenic streaming media companies look rapidly expanding costs of doing concern - and customers continued to sour implicit rising prices of goods arsenic ostentation remains stubbornly high.

Beginning successful July, Spotify's US subscribers volition wage $1 much per period for its ad-free premium plan, rising to $11.99 per period - a 20% summation implicit the past 2 years. The audio streamer said that it's expanding prices to "continue to put successful and innovate connected our merchandise features and bring users the champion experience."

Some of Spotify's different tiers are besides getting terms bumps. The monthly outgo of Duo, a program that lets 2 radical divided a premium plan, is rising by $2, to $16.99. The household program is expanding prices by $3 to $19.99 per month.

Spotify precocious accrued subscription prices for planetary subscribers, chopped costs and underwent respective rounds of layoffs including drastic reductions to its podcast business.

Streaming, some euphony and television, is getting gradually much costly for everyone arsenic companies proceed the elusive hunt for profits. Paramount, CNN's genitor institution Warner Bros. Discovery, NBCUniversal and adjacent Netflix person each raised prices successful the past twelvemonth successful a thrust towards profitability.

Shares of Spotify (SPOT) accrued much than 2% successful premarket trading, and the banal is up astir 60% for the year.

The-CNN-Wire & 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.