Premium subscription plans on Spotify see a price increase.
- According to a release, Spotify announced on Monday that it is raising the prices of its premium subscription plans.
- The company also hiked its prices in July of last year.
- Spotify announced that it is increasing its prices in order to further invest in and enhance its product offerings.
Spotify has announced that it is raising the cost of its premium subscription plans in the U.S., marking its second price increase in a year. U.S. users will be notified of the change to their subscription over the next month.
Shares of Spotify were up more than 5% in premarket trading Monday.
In the US, the "Individual" plan costs $11.99, the "Duo" plan costs $16.99, and the "Family" plan costs $19.99. The "Student" plan remains at $5.99. Spotify announced that it is raising prices to invest in and innovate on its product features, as stated in a blog post.
Last July, Spotify raised the price of its Individual plan to $10.99, its Duo plan to $14.99, its Family plan to $16.99, and its Student offering to $5.99. The company stated that the market landscape has changed since Spotify's launch, as mentioned in a release at the time.
Spotify did not immediately respond to CNBC's request for comment.
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