spotify on monday announced We will be increasing the price of our premium subscriptions by $2, which equates to a 20% price increase on select plans.
The company said market conditions have “continued to evolve” since Spotify’s launch, and that this change will help the company “continue to deliver value to fans and artists.” blog post.
In the US, Spotify’s Premium Individual price has increased from $9.99 to $10.99, and the Premium Duo plan price has changed from $12.99 to $14.99. The company’s premium family plan price went from $15.99 to $16.99, and student plan price went from $4.99 to $5.99.
Spotify shares closed down more than 4% on Monday.
Spotify has also raised prices in several other countries, including Canada, France, the UK, Mexico and Australia. The company said existing subscribers will be notified by email of the price change and will be given a “one month grace period” before the new price takes effect.
“As we continue to grow our platform, we are updating our premium pricing to allow us to continue to innovate in changing market conditions,” the company said on its website.
Spotify will release its quarterly results on Tuesday at 6 a.m. ET.