Spotify is readying a price hike in the U.S. as soon as the first quarter of next year, according to a report from the Financial Times.

The move would mark the first time Spotify has raised prices in the U.S. since 2024, when subscriptions went up by $1 to $11.99. It’s unclear how much Spotify would raise prices this time, though price raises in the past several years have been $1. Spotify previously raised its price from $9.99 to $10.99 in 2023.

The news would be welcome from the music industry, as the major music companies have called for price increases on streaming services in recent years as streaming growth in the U.S. has slowed given market saturation. (Paid streaming revenue grew in the U.S. just 3.3 percent at the end of last year compared to nearly 29 percent five years prio

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