In an expected turn of events, Spotify has escalated the cost of its Premium subscription once more, mirroring a consistent trend of price hikes among various streaming platforms.
This increment is notably Spotify’s second within a span of a year. To revisit previous developments, the audio streaming behemoth had increased its fee structure in July of the previous year, for the first time in more than ten years, elevating its $9.99/month Premium offering to $10.99. Advancing eleven months, users are once again experiencing a rise in monthly fees.
New Pricing Structure for Spotify Premium in the US Revealed
The price for an individual Spotify Premium account has climbed to $11.99 monthly. Duo subscribers are now burdened with a $16.99 fee, a slight uptick from the earlier $14.99. Households subscribing to the Spotify Family plan, providing access to up to six members under one roof, will witness their charges swell by $3, going from $16.99 to $19.99. Nevertheless, Spotify holds the Student membership steeply low-priced at $5.99 per month.
In the weeks ahead, Spotify plans to inform its patronage of the pricing escalation via electronic mail.
Spotify avers that these fiscal adjustments will bolster ongoing advancements and innovations within the service. Corroborating the US, premium users in the UK and Australia have also observed their subscriptions rise from £10.99 to £11.99 and from AU$12.99 to AU$13.99, respectively. The application of comparable enhancements in different markets by Spotify remains uncertain.
A Bloomberg article serves as the basis for the presumption that Spotify’s refreshed pricing strategy may emerge from its fledgling investments in the audiobook sphere. Similarly, speculations suggest that Spotify may introduce a Basic Tier that omits audiobooks yet retains music and podcasts. Additionally, there’s discussion about an imminent Supremium Tier designed to offer uncompressed audio fidelity, heeding consumer requests.
Albeit Spotify experienced a slight 1.5% plunge in its user base following the price hike in April, the enterprise persists in thriving. Reporting a total of 615 million active users, with 239 million amongst these as subscribers, at the witching hour of the first quarter.
Even though Spotify’s fresh $11.99 levy for its vast music compendium stands steeper in contrast to Apple Music and YouTube Music, which remain steadfast at $10.99 monthly, it wouldn’t astound onlookers if other services heighten their fees in due course.
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