With seemingly all music streaming services raising their prices, it was increasingly looking like Spotify was our last hope in terms of affordability. It might not stay that way for long, as Spotify is considering a price hike as well.
Spotify’s CEO, Daniel Ek, confirmed that Spotify was considering a price bump for its subscriptions in the US, mentioning that a price hike is “one of the things we would like to do and it’s something we will consider with our label partners.” We don’t know yet what this possible price hike would be like — in the US, Spotify currently costs $10 a month for the individual plan, with the Duo plan (for two accounts) costing $13 a month and the Family plan (for up to six people) costing $16 a month.
As for what’s causing this price hike, it’s not immediately clear. Spotify reported growth over the past year and beat subscriber expectations over the last quarter. The CEO mentioned that the hike would be a response to other services raising their prices, with YouTube bringing its Premium Family subscription up to $23 a month and Apple Music going up to $11 a month for the individual plan.
We might know more about possible new prices for Spotify come 2023.