Spotify is hiking its prices

Jul 24, 2023, 9:23 PM

Apple tried to kill Spotify. Now the streaming music service is worth nearly $30 billion....

Apple tried to kill Spotify. Now the streaming music service is worth nearly $30 billion.

(CNN) —Spotify is the latest streaming service to hike its prices.

Beginning Monday, new subscribers will pay $1 more per month for its ad-free premium plan, rising to $10.99 per month. Current customers are being given a “one-month grace period before the new price becomes effective,” Spotify said.

Spotify’s other tiers, like its family and student plans, are also getting a $1 per month bump. The monthly cost of Duo, a plan that lets two people split a premium plan, is rising by $2, to $14.99. The price increases are now in effect for subscribers in a number of countries, including the United States, Canada, the United Kingdom and Australia.

In a release, Sweden-based Spotify said the “market landscape has continued to evolve since we launched” in 2008, and that the price hikes “will help us continue to deliver value to fans and artists on our platform.” Subscribers will get an email on Monday alerting them to the new prices.

Spotify (SPOT) will also continuing offering a free plan, which includes ads and limited features.

Shares of the company popped more than 1% in premarket trading Monday. Spotify said in its most recent earnings report that the number of global users grew 15% year over year to 210 million, but reported an operating loss of €156 million ($173 million). It also cut 6% staff earlier this year.

Streaming services are no long chasing subscribers, but rather investors are pressuring them to make money off the services, even if it comes at the expense of losing subscribers. Peacock, Netflix, Paramount+, Disney+ and Max (owned by CNN’s parent company Warner Bros. Discovery) have all increased the prices of their services in recent months.

The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

KSL 5 TV Live


Brokers look over the view as they tour the Worthington Residences in Salt Lake City on Wednesday, ...

Carter Williams,

Salt Lake City’s newest apartment tower intentionally sticks out in the city

The tallest building east of Salt Lake City's central downtown district and the tallest rental apartment high-rise on the market right officially opened.

1 day ago

The Java Espress Beverage Company sign in Clearfield, Utah....

Lauren Steinbrecher

Clearfield soda shop breaks a world record, with the help of its customers

A Clearfield drink shop wants the world to know that Utah's soda game reigns supreme by breaking a Guinness World Record on Saturday. But they need your help.

3 days ago

A Redfin sign listing a Utah home for sale....

Daniel Woodruff

Utah’s median home price rises to $500k despite high mortgage rates

Even with high mortgage rates, Utah's home prices are still going up, as the median price for a home in the state is $500,000.

3 days ago

Matt Gephardt speaking to Thelissa Mead about Hyundai not responding to her claims and getting her ...

Matt Gephardt

Get Gephardt helps Utah Hyundai owner seeking reimbursement for overestimated fuel economy

A major automaker was accused of saying their cars get better mileage than they really do, And they promised to pay their customers back. But when one Utah customer wasn't, she decided to Get Gephardt.

4 days ago

A grid with still pictures from nine films...

Larry D. Curtis

Sundance offers free film festival screenings to Utah audiences in July

Many associate the Sundance Film Festival with snowy streets in the annual winter film festival, but Utahns will have a chance to see free screenings, including outdoors, in July.

4 days ago

A new two-story liquor store is pictured in Salt Lake City...

Heather Peterson, KSLNewsRadio

Two-story liquor store opens in SLC

A new liquor store in downtown Salt Lake opened Monday. The Department of Alcoholic Beverage Services said it's projected to help the city's economy

8 days ago

Sponsored Articles

Photo courtesy of Artists of Ballet West...

Ballet West

The rising demand for ballet tickets: why they’re harder to get

Ballet West’s box office is experiencing demand they’ve never seen before, leaving many interested patrons unable to secure tickets they want.

Electrician repairing ceiling fan with lamps indoors...

Lighting Design

Stay cool this summer with ceiling fans

When used correctly, ceiling fans help circulate cool and warm air. They can also help you save on utilities.

Side view at diverse group of children sitting in row at school classroom and using laptops...

PC Laptops

5 internet safety tips for kids

Read these tips about internet safety for kids so that your children can use this tool for learning and discovery in positive ways.

Women hold card for scanning key card to access Photocopier Security system concept...

Les Olson

Why printer security should be top of mind for your business

Connected printers have vulnerable endpoints that are an easy target for cyber thieves. Protect your business with these tips.

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light up your home with these top lighting trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for hassle-free computer repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Spotify is hiking its prices