Spotify has finally raised the price of its premium music-streaming subscription in the U.S. to $10.99 per month — the first such price hike since the service launched in the country in 2011.
The move comes a day before the company’s second-quarter 2023 earnings on July 25, before the market opens.
Ek has previously said the company is considering a price increase in the U.S., following price increases by rivals like Apple Music. “When our competitors are raising their prices, that is really good for us,” he said on the company’s third-quarter 2022 earnings call in October, noting that the company had to that point raised prices more than 40 times in markets around the world.
Last fall, Apple Music raised its subscription price to $10.99 per month for individuals, with the family plan jumping two dollars to $16.99/month, among other plan increases. Amazon Music Unlimited also raised its monthly price to $10.99 , and this week YouTube increased the price of the YouTube Music Premium plan to $10.99/month .gained 5 million Premium subscribers — beating its expectations — to stand at 210 million.
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