Spotify Plans to Raise Prices Next Year
- Laurent Giret
- Oct 26, 2022
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Spotify announced some positive results for the past quarter yesterday, with the 195 million subscribers number being up 13% year over year. However, the company is now looking at the opportunity to make its Premium plan more expensive next year after Apple just announced price increases for Apple Music.
Apple isn’t the only company to have announced price hikes: Google also raised the price of its YouTube Premium Family Plan, which also provides access to YouTube Music Premium for up to six users in a family. This family plan went from $17.99/month to $22.99, which is a quite significant jump.
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“When our competitors are raising their prices, that is really good for us,” said Daniel Ek, the founder and CEO of Spotify on the company’s earnings conference call yesterday (via Deadline). Spotify Premium in the US currently costs $9.99/month for the individual plan, and the company also offers Duo and Family plans at $12.99 and $15.99/month, respectively.
In comparison, Apple Music, which is the main competitor to Spotify raised the price of its individual plan from $9.99 to $10.99/month in the US. The Family plan is also $2 more expensive at $16.99 per month
According to the Spotify CEO, a price increase in the US market “is one of the things we would like to do and it’s something we will [consider] with our label partners. I feel good about this upcoming year, and what it means about pricing for our service,” Ek said.
In addition to this potential price increase for Spotify Premium, the company is also testing the waters for a more expensive “Platinum” plan. Some Spotify users recently received a survey asking them if they would pay $19.99/month to get access to new audiophile features including studio sound, a headphone tuner, audio insights, and more.