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Spotify has announced<\/a> that it\u2019s raising its premium plan prices, confirming reports that first started to surface<\/a> over the weekend.<\/p>\n The music-streaming giant, which claims some 500 million users globally 40% of which are<\/a> premium subscribers, revealed that its main premium ad-free subscription plan will be increasing from $9.99 per month to $10.99 in the U.S., while its Duo plan is rising by $2 to $14.99. The family plan, meanwhile, is increasing by $1 to $16.99 and the student plan is also going up by dollar to $5.99 each month.<\/p>\n The subscription hike isn\u2019t limited to the U.S. market, with Spotify confirming that it will be increasing its prices in dozens of markets, including the European Union (EU), the U.K., and chunks of South and Central America, Asia, and Oceania.<\/p>\n The company hasn\u2019t confirmed prices for these markets yet, saying that those affected will start receiving emails from today confirming their new rates. However, it\u2019s likely that customers in the EU will see their prices for the main premium plan increasing by a single euro to \u20ac11.99 per month, while U.K. listeners will probably see their premium subscriptions rise by \u00a31 to \u00a310.99 a month.<\/p>\n The price increase is notable, insofar as it\u2019s the first time that Spotify has altered its core premium pricing plan in many of its core markets, including the U.S. and large parts of Europe, whereas streaming counterparts such as Netflix<\/a> have regularly updated their pricing tiers<\/a> through the years.<\/p>\n It\u2019s also worth noting that today\u2019s announcement comes a day before Spotify is due to report its Q2 2023 earnings, with a price-hike one obvious conduit for the Swedish company to increase its revenues in its push toward sustained profitability \u2014 and, ultimately, keep its shareholders happy.<\/p>\n Apple also increased its premium subscription<\/a> from $9.99 to $10.99 last October, so today\u2019s news essentially aligns Spotify with its main music-streaming rival.<\/p>\nEarnings<\/h2>\n