Spotify plans to increase subscription prices in the U.S. in the first quarter of next year, marking the first price rise since July 2024. Current cost is $11.99 per month, up from the initial $9.99. Analysts estimate a $1-per-month increase could boost annual revenue by $500 million.

Major record labels are pushing for the price hike, arguing that fees have not kept up with inflation. This move comes after Spotify founder Daniel Ek announced he is stepping down as CEO, to be replaced by co-CEOs Gustav Söderström and Alex Norström.

Read more at Yahoo Finance: Spotify to raise US prices in first quarter of next year, report says