You might have to dig deeper to enjoy your Spotify subscription. After competitors recently raised prices in the U.S., the company’s founder-CEO, Daniel Ek, told investors the same move could eventually be coming to the No. 1 streaming music service.
Ek said a U.S. price increase “is one of the things we would like to do, and it’s something we will [consider] with our label partners. I feel good about this upcoming year and what it means about pricing for our service,” according to Deadline (opens in new tab).
The possible move comes after Spotify announced third-quarter numbers that mostly beat expectations. During the quarter, the company saw revenue rise 21% to $3 billion year-over-year. Despite this, slower ad growth and heavy investment caused gross margins to drop by 24.7%. For the quarter, Spotify announced an operating loss of $227.3 million.
Everyone is doing it
Earlier this week, Apple announced price increases for many of its most popular services. With Apple Music, the company is increasing the price of its individual plan by $1 per month, raising the price to $10.99. The individual annual plan is now $109, which is a $10 price hike. The Apple Music family plan goes up $2/month to $16.99.
Apple One plans that bundle various services also see price increases. The individual plan is now $16.95 per month, up $2, and family subscribers will pay $22.95 per month, an increase of $3. The top-tier premium plan is now $32.95 per month, an increase of $3.
Finally, Apple TV Plus prices are rising $2/month going from $4.99 to $6.99.
Over at Google, the YouTube premium family plan, which includes YouTube Music, is seeing prices rise by 27% per month. Instead of paying $17.99 monthly, these users will now pay $22.99. Those who purchase a YoUTube premium family plan through the App Store will pay, even more, $29.99 per month.
Spotify customers currently pay $9.99 per month for an individual plan, $12.99 for a duo plan, and $15.99 for a family plan.