Streaming audio service Spotify will increase its monthly price to $12, marking the second time that the company has raised subscription costs on consumers over the past year.
The cost of Spotify’s Duo plan — a bundle that allows two people living in the same household to subscribe to Spotify Premium at a reduced price — is also going up by $2 to $17 per month, while the cost of Spotify Family is seeing the biggest hike to $20 per month, or $3 more than where it currently sits.
Spotify said the price adjustments were needed to “continue to incest and innovate on our product features and bring users the best experience.” Over the past year, Spotify has introduced audiobook streaming across most of its premium plans, and it continues to acquire and invest in premium podcasts like “The Joe Rogan Experience” and others.
Subscribers have been waiting more than three years for a version of Spotify that allows them to stream content in high fidelity. The plan, initially announced as Spotify Hi-Fi, aims to compete against high-quality audio streams offered by Apple and Amazon. Despite the price increases, Spotify has not offered an update on when its Hi-Fi plan will be introduced to streamers, or whether it will be included in its premium plans or cost extra.
