Streaming services have become more expensive and Spotify is next.
Starting in February, the price of individual ad-free plans will increase from $1 to $12.99 a month, the company said Thursday. The last time the price was increased was in June 2024, when premium plans increased from $10.99 to $11.99.
“Occasional price updates in our markets reflect the value Spotify offers, allowing us to continue to offer the best experience possible and benefit artists,” the company wrote in a statement.
The higher price will take effect in the US, Estonia and Latvia.
This new rate comes after a week marked by the streaming service. Ahead of the Golden Globes, Spotify announced an expansion of its podcasting efforts. The company unveiled a new video-first podcasting studio in Hollywood and is expanding its creator program by making it easier for podcasters to make money on the platform.
On the night of the awards show, the Spotify-produced podcast “Good Hang” by Amy Poehler took home the inaugural podcast award. Following the ceremony, the company also premiered its first video podcast, available for streaming on Netflix. Last fall, streamers first announced the partnership between Ringer and Netflix, making Spotify video podcasts as accessible as Netflix TV shows and movies.
At the end of the year, founder Daniel Ek also moved from his role as CEO to executive chairman. Spotify named two co-CEOs, Gustav Söderström and Alex Norström.
Founded in 2006, Spotify has become the most popular audio streaming subscription service in the world, with more than 713 million users. The Sweden-based streamer is available in more than 180 markets and has a library of more than 100 million tracks, podcasts and audiobooks. Spotify shares fell about 19% early Thursday to around $511.
Spotify's main competitor, Apple Music, currently offers a similar ad-free individual plan for $10.99 per month.
