It's about to get more expensive to use Spotify if you're one of the millions of paid subscribers - and it's not the only streaming service with a recent price increase. New government data reveals streaming subscriptions saw a nearly 20% jump in prices from November to December, outpacing most goods like coffee and beef.

Several major streaming services, including Spotify, are implementing price increases for their subscription plans. Spotify's individual premium plan in the United States will rise from $11.99 to $12.99 per month, with similar hikes for its duo, family, and student plans. This move follows previous increases in other countries and is part of a broader trend among streamers such as Peacock, Disney Plus, and Paramount Plus, all of which have raised prices after initially launching at lower rates to attract subscribers.

Government data indicates that streaming subscription prices rose nearly 20% between November and December, outpacing many other consumer goods. The continued demand for popular content, especially sports, is cited as a reason for the sustained price growth. Consumers are advised to consider cost-saving measures such as opting for ad-supported versions, auditing unused subscriptions, seeking bundle deals, paying annually, or checking for free trials from providers.

Price hikes for your favorite streaming services

In this morning's money watch, it's about to get more expensive to use Spotify and that's not the only streaming service raising fees. Kelly O'Grady is here to tell us about so called streamflation. Kelly, what's going on? Hey there Nate. Well look this price hike. It wasn't exactly a surprise. I mean Spotify had already raised prices in Britain and Switzerland last fall so this was expected, but for many consumers it still stings. Boomers are all about money. Gen X is like is it all about money? Millennials are like where is the money? And Gen Z is like what is money? No matter what generation you're from, if you're one of Spotify's millions of paid subscribers in the US, get ready to pay more. Beginning next month, the company's individual premium plans will jump from $11.99 to $12.99 a month. The duo family and student plans will also increase. In a statement, the company said the move would help it quote, continue offering the best possible experience and benefit artists. I think they are raising prices in part to kind of build a sustainable, profitable business, which has alluded them for awhile. Alex Weprin, senior editor for The Hollywood Reporter, says it's part of a growing trend with streamers, including Peacock, Disney Plus, and Paramount Plus also raising prices. Everybody wants to get in the streaming business. There's no question that we're seeing streamflation. A lot of them, when they launched a few years ago, they launched at artificially low prices to try and get people to subscribe, and they're now beginning to catch up. In fact, new government data reveals streaming subscriptions saw a nearly 20% jump in prices from November to December, outpacing most goods like coffee and beef. And with many sports leagues like the NFL and NBA licensing their rights to streamers, a downshift seems unlikely. The most popular content, which increasingly is sports, are the things that people are coming to them for. There is a natural limit to how much they will pay, ultimately, but we haven't hit it yet. And we should note that Paramount Plus is owned by Paramount Skydance, which is the parent company of CBS News. When it comes to Spotify's new pricing, it's going to make it the most expensive music streaming platform, and that would be ahead of Apple Music, Tidal, and YouTube Music. Alright Kelly, so we can't stop these streaming services from raising their prices. What can we do to cut the costs? OK, a few things. If you can stand watching ads, which I absolutely hate, you can go for the ad-supported version. OK. OK, alright, so I got a few more for you. Go through and audit your streaming services, right? Everything's on autopay, so you kind of forget. So be realistic. Are you actually even opening that app? Are you watching things? If you're not, maybe put it on pause. You can also look for bundling options like Hulu and Disney Plus. If you have the budget room, you can pay annually, and it's a lower monthly fee if you pay it all at once. And then call your mobile provider and your internet provider. They often offer, you know, a yearly free trial. I would have loved to have been in the marketing meetings of these companies five or ten years ago when they told us, you know, cut the cord, get rid of cable. This is what you need. And then some dude was like, and in five years, we're just going to keep raising prices and they're not going to have any option other than us. Well, I can tell you, I was actually in those meetings. OK, yes. Because I was at Disney and we were putting together Disney Plus and everyone was like, I don't want to pay cable. I'm not watching all these channels. So we all did this to ourselves. That's exactly why all these things started in the beginning. We did it to ourselves. Kelly, thank you so much.

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Breakdown