ENTERTAINMENT

Spotify is hiking its prices again

Jun 3, 2024, 6:32 AM

NEW YORK, NEW YORK - FEBRUARY 01: The Spotify company logo is diaplayed as traders work on the floo...

NEW YORK, NEW YORK - FEBRUARY 01: The Spotify company logo is diaplayed as traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on February 01, 2023 in New York City. Stocks opened low this morning amid news of another interest rate increase by the Federal Reserve in its continued effort to slow inflation. (Photo by Michael M. Santiago/Getty Images)

(Photo by Michael M. Santiago/Getty Images)

NEW YORK (CNN) — Spotify is hiking its prices again, less than a year after it last increased prices for most of its subscription plans.

The latest price hike comes as streaming media companies face rapidly increasing costs of doing business – and customers continued to sour over rising prices of goods as inflation remains stubbornly high.

Beginning in July, Spotify’s U.S. subscribers will pay $1 more per month for its ad-free premium plan, rising to $11.99 per month — a 20% increase over the past two years. The audio streamer said it’s increasing prices to “continue to invest in and innovate on our product features and bring users the best experience.”

Some of Spotify’s other tiers are also getting price bumps. The monthly cost of Duo, a plan that lets two people split a premium plan, is rising by $2, to $16.99. The family plan is increasing prices by $3 to $19.99 per month.

Spotify recently increased subscription prices for international subscribers, cut costs and underwent several rounds of layoffs including drastic reductions to its podcast business.

Streaming, both music and television, is getting gradually more expensive for everyone as companies continue the elusive hunt for profits. Paramount, CNN’s parent company Warner Bros. Discovery, NBCUniversal and even Netflix have all raised prices in the past year in a drive toward profitability.

Shares of Spotify (SPOT) increased more than 2% in premarket trading, and the stock is up nearly 60% for the year.

KSL 5 TV Live

Entertainment

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.

5 hours ago

Mark Shipley pictured during his time in the Navy while stationed on Coronado Island, California. (...

Mary Culbertson

Utah actor honored by Hugh Jackman for his contribution to actors all over the U.S.

An actor and owner of a gallery theater settled down in Utah and affected theater communities nationally. Recently, he was honored by Australian actor Hugh Jackman.

2 days ago

Image released as part of a drafted plan to reimagine downtown into an "experience zone." (Smith En...

Lindsay Aerts

SEG downtown plans include new hotel, housing, jumbotron and ‘experience’ plaza

Smith Entertainment Group executive Mike Maughan sat down for an interview with KSL's Lindsay Aerts on Monday to discuss the group's plans for downtown's revitalization.

3 days ago

The ride replaces Splash Mountain. That attraction was based on the 1946 film "Song of the South," ...

Natasha Chen, CNN

A new Disney ride opens soon, splashing right out of the culture wars

A ride based on the story of Disney’s first Black princess opens to the public on June 28 in Orlando, Florida, replacing the decades-old Splash Mountain attraction that was beloved by many Disney fans yet also widely criticized.

3 days ago

This image released by Sony Pictures shows Will Smith, left, and Martin Lawrence in "Bad Boys: Ride...

Jake Coyle, The Associated Press

‘Bad Boys: Ride or Die’ boosts Will Smith’s comeback and the box office with $56 million opening

“Bad Boys: Ride or Die,” the fourth installment in the Will Smith-Martin Lawrence action comedy series, opened with an estimated $56 million in theaters over the weekend, handing Hollywood a much-needed summer hit and Smith his biggest success since he slapped Chris Rock at the Academy Awards.

4 days ago

FILE - This brick house in Winnetka, Ill., seen Friday, May 6, 2011, was featured in the 1990 movie...

Associated Press

‘Home Alone’ house being sold. Swinging paint cans not included

The home of Kevin McCallister’s hijinks is changing hands for $5.25 million.

6 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 again