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Daniel Ek, CEO of Swedish music streaming service Spotify.
AFP | Getty Images
Spotify on monday announce It will increase the price of premium subscription offers by up to $2, which translates to a 20% increase for some plans.
The company said the market landscape has “continued to evolve” since the launch of Spotify, and that the changes will help the company “continue to deliver value to fans and artists,” according to the company. blog post.
In the US, Spotify’s Premium Single offer now costs $10.99, up from $9.99, and the price of the Premium Duo plan has changed to $14.99, up from $12.99. The company’s premium family plan is now priced at $16.99, up from $15.99, and the student view costs $5.99, up from $4.99.
Spotify shares fell 5% Monday morning.
Spotify is also increasing prices in several other countries, including Canada, France, the United Kingdom, Mexico, and Australia. The company said existing subscribers will be notified of the price changes via email and given a “one-month grace period” before the new prices go into effect.
“As we continue to evolve our platform, we are updating our premium pricing so that we can continue to innovate in changing market conditions,” the company wrote on its website.
Spotify will report its quarterly earnings Tuesday at 6 a.m. ET.
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