Spotify is preparing to raise its U.S. subscription prices in the first quarter of next year, according to a report from the Financial Times. If the plan moves forward, this would be Spotify’s first U.S. price increase since mid-2024 and another sign that streaming services are adjusting their fees to match rising content and licensing costs.

Right now, the individual Premium plan sits at $11.99 per month, up from the $9.99 price point that held steady for more than a decade after the service launched in the U.S. Analysts noted in the report that even a modest $1 monthly increase across the American subscriber base could generate roughly $500 million in additional annual revenue.

The expected price bump comes as major record labels continue pressing Spotify to charge more. Their argument centers on the idea that music-streaming subscriptions have not kept pace with inflation, especially when compared to video-streaming services that have raised prices repeatedly over the past few years.

Spotify has already increased subscription fees in several other major regions, including the U.K., Switzerland and Australia. Bringing the U.S. in line with those markets appears to be the company’s next step as it shifts into another year of heavy investment in discovery tools, audiobooks and personalization features.

For U.S. subscribers, the change would mean a slightly higher monthly bill sometime in early 2026. For Spotify, it would mark one of the most financially significant pricing adjustments the company has made in its history.