Streaming services have been getting more expensive, and Spotify is next in line.
Starting in February, the price of ad-free individual plans will rise by $1 to $12.99 per month, the company said on Thursday. The last time the price was raised was in June 2024, when premium plans were bumped from $10.99 to $11.99.
“Occasional updates to pricing across our markets reflect the value that Spotify delivers, enabling us to continue offering the best possible experience and benefit artists,” wrote the company in a release.
The higher price will take effect in the U.S., Estonia and Latvia.
This new rate comes after a hallmark week for the streaming service. Leading up to the Golden Globes, Spotify announced an expansion of its podcasting efforts. The company unveiled a new “video-first” podcasting studio in Hollywood and is growing its creator program by making it easier for podcasters to make money on the platform.
The night of the award show, the Spotify-produced podcast, Amy Poehler’s “Good Hang,” brought home the inaugural podcast award. After the ceremony, the company also premiered its first-ever video podcast, available for streaming on Netflix. Last fall, the streamers first announced the partnership between the Ringer and Netflix, which makes Spotify’s video podcasts just as accessible as Netflix’s TV shows and movies.
At the top of the year, founder Daniel Ek also moved from his CEO position to executive chairman. Spotify named two co-CEOs, Gustav Söderström and Alex Norström.
Founded in 2006, Spotify has become the world’s most popular audio streaming subscription service with more than 713 million users. The streamer, based in Sweden, is available in more than 180 markets and has a library of over 100 million tracks, podcasts and audiobooks. Spotify shares were down about 19% early Thursday at about $511.
Spotify’s main competitor, Apple Music, currently offers a similar ad-free individual plan at $10.99 a month.
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