Spotify Price Hike: New Costs for Premium Plans in 2024

Spotify is increasing the price of its Premium subscription plans in the United States, Estonia, and Latvia, beginning with users’ next billing cycle in February. The price of an Individual plan in the U.S. Will rise from $11.99 to $12.99 per month, while the Family plan will increase from $19.99 to $21.99. The Duo plan will jump to $18.99, up from $16.99, and the Student plan will go from $5.99 to $6.99.

This marks Spotify’s third price increase in the U.S. In three years, following hikes in July 2023 and June 2024. The company stated the adjustments are intended to maintain a strong value-to-price ratio as it expands its content offerings, including audiobooks, videos, and podcast features.

Price Increases Across Plans

The price adjustments affect all tiers of Spotify’s Premium service. Here’s a breakdown of the new monthly costs:

• Individual: $12.99 (previously $11.99)
• Duo: $18.99 (previously $16.99)
• Family: $21.99 (previously $19.99)
• Student: $6.99 (previously $5.99)

In Estonia and Latvia, prices are increasing to 11.99 euros, which is approximately $14 at current exchange rates.

Company Performance and Strategy

Spotify reported strong third-quarter earnings in November, with paying subscribers rising 12% year-over-year to 281 million. Premium users drove a 12% revenue increase to 4.3 billion euros ($5 billion). The company has indicated that price increases, combined with cost-saving measures, are strengthening its financial performance.

Analysts estimate that the U.S. Price hike could generate hundreds of millions of dollars in additional annual revenue for Spotify. The company continues to invest in expanding its platform, recently launching music videos in the U.S.

Recent Leadership Change

The price increase comes as Spotify begins 2026 with new leadership. Co-founder Daniel Ek stepped down as CEO at the beginning of January, with Gustav Söderström and Alex Norström taking over as co-CEOs. The leadership change was announced in September 2025.

Shares of Spotify closed nearly 4% lower on Thursday following the announcement of the price increase.

“We offer several subscription plans around the world, including Premium Individual, Premium Student, Premium Duo, Premium Family, Premium Mini, Day and Week passes, Audiobooks Access, Basic, and the Free tier.”

Spotify

Spotify will notify subscribers of the changes via email in the coming month.