Spotify is planning to increase its subscription prices in dozens of countries globally this summer.
According to people familiar the company plans to raise prices by the equivalent of €1 on individual subscriptions in countries across Europe and Latin America as early as June.
To note, Spotify will not raise prices in the US this summer. The streaming service increased its monthly price in the country in July 2024.
Even after recent price increases, a Spotify subscription in the US costs $11.99 a month, compared with $9.99 a month when the group launched in the country 14 years ago.
Spotify plans to hike price
Notably, Spotify has quietly begun raising prices in some countries, such as the Netherlands and Luxembourg, in recent weeks.
The push would intensify considerably this summer, said a person familiar with the matter.
According to multiple reports, streaming groups including Spotify were considering charging extra money for early access to music.
The Financial Times report suggested that Spotify is eyeing a “super-premium” tier that would cost an extra $6, on top of the $11 a month fee in the US.
These premium subscriptions would be different across the major platforms, according to several executives who are involved in these discussions. Apple, Amazon and YouTube are also preparing premium versions of their music streaming services.
Spotify’s stock has more than doubled in the past year as the group has delivered both profits and subscriber growth.
