Spotify announces second price hike in less than a year

Spotify has announced its second price hike in less than a year for its Premium subscription plans. While the company has not provided explicit reasons for the price hike. Spotify’s newsroom post states, “So that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices.” Bloomberg had previously suggested that the increase could be related to the cost of providing audiobooks, a feature added to Spotify Premium last year, which allows users up to 15 hours of audiobook listening per month. 

The new prices have already taken effect for new users and will be applicable to existing subscribers starting next month. The individual plan has increased to $12 per month from $11, the Duo plan is up to $17 a month from $15, and the family plan has jumped to $20 per month from $17. The student plan, however, remains unchanged at $6 per month.

This development makes Spotify Premium one of the more expensive music streaming services available. For comparison, other popular platforms such as Apple Music, YouTube Music, Tidal, and Amazon Music Unlimited begin at $11 a month for their paid tiers. One major disadvantage for Spotify is that its competitors support hi-res audio, while Spotify’s HiFi feature, announced in 2021, has yet to be released.

Given the price hike and the absence of the promised HiFi feature, some users, particularly audiophiles, may find Spotify’s offering less appealing compared to other platforms. Despite this, Spotify continues to be a strong contender for users who value its extensive audiobook library, boasting over 200,000 titles.

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