Spotify Raises U.S. Subscription Prices

By Sabela Ojea

Spotify Technology is raising prices for all of its premium plans in the U.S. and many other countries, including Canada, Mexico and the U.K.

The audio streaming giant, with over 200 million premium subscribers all over the world, said Monday that its U.S. ad-free music subscriptions will now start at $10.99 for a premium single plan, instead of $9.99.

The price for its premium duo will now be $14.99, up from $12.99 previously, with the premium family subscription plan increasing $1 to $16.99.

The company is also raising the price for its student plan by $1, to $5.99.

"The market landscape has continued to evolve since we launched. So that we can keep innovating, we are changing our premium prices across a number of markets around the world," the company said.

Existing Spotify premium plan subscribers will be given a one-month period before the new price becomes effective, the company said.

At 10:06 E.T., shares fell 5.9% to $161.61.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 24, 2023 10:30 ET (14:30 GMT)

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