Spotify Says Upcoming Price Increases Are Needed to Bring Users 'The Best Experience'

Spotify Says Upcoming Price Increases Are Needed to Bring Users 'The Best Experience'

Spotify Says Upcoming Price Increases , Are Needed to Bring Users , 'The Best Experience'.

NBC reports that Spotify will soon be bumping up the price of subscription plans in the United States.

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According to a statement on the company's website, increases are necessary for the audio streaming service to, "invest in and innovate on our product features and bring users the best experience.".

The changes include the Premium plan increasing from $10.99 to $11.99.

The duo plan, which is meant for two users in the same household, will increase from $14.99 to $16.99.

The family plan, meant for up to six users who share a household, will increase from $16.99 to $19.99.

The price of the service's limited-service ad-supported tier and the $5.99 plan for students will remain the same.

NBC reports that this is only the second time that Spotify has increased its prices in the U.S. CEO Daniel Ek recently pointed out that the company has been consistently profitable, despite narrowly missing the most recent monthly active user growth targets.

CEO Daniel Ek recently pointed out that the company has been consistently profitable, despite narrowly missing the most recent monthly active user growth targets.

In April, Bloomberg News first reported that Spotify might be increasing prices to cover the cost of audiobooks, which includes royalty payments that comprise a majority of its budget.

In April, Bloomberg News first reported that Spotify might be increasing prices to cover the cost of audiobooks, which includes royalty payments that comprise a majority of its budget.

Spotify's price increases come as some other companies in the U.S. have been announcing price cuts amid signs consumer spending may be waning