Spotify raises premium subscription prices in US

Music streaming firm Spotify announced Monday that it is adjusting the platform's premium subscription prices in the US.

The individual $10.99 premium price will be raised to $11.99 for the users in the US, and the Duo plan will now cost $16.99 instead of $14.99 per month.

The Family plan is increased to $19.99 from $16.99, but the Student plan will remain unchanged at $5.99.

Subscribers in the US will receive an email explaining the price update for their subscription over the next month, the company said in a blog post.

This is the second price increase in less than a year after the Swedish media service provider raised prices in July 2023.

"On Spotify, users discover and enjoy music, podcasts, and audiobooks," said the post. "So that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices."

The company announced in December 2023 that it will be laying off 17% of its workforce, equal to around 1,500 of its employees.

Last year, the firm in January decided to reduce its workforce by 6%, or 600 workers, which was followed in June with an additional 2% reduction, or approximately 200 employees.

Spotify posted an income of $174 million in the first quarter of this year, a significant recovery from $206 million loss recorded in the same period of last year.

Revenue, meanwhile, annually increased 20% to more than $3.6 billion from $3 billion during that period.