Price of Spotify’s premium subscription tiers is rising

On Monday, Spotify revealed it would raise the cost of its Premium subscription plans by up to $2, which equates to a 20% price increase for some plans.

According to a blog post, the business claimed that since Spotify’s inception, the market environment has “continued to evolve” and that these changes will enable it to “continue to deliver value to fans and artists.”

The price of Spotify’s Premium Individual plan has increased to $10.99 from $9.99, and the cost of its Premium Duo plan has increased from $12.99 to $14.99. The premium family plan from the company now costs $16.99 instead of $15.99, while the student option now costs $5.99 instead of $4.99.

Spotify’s stock declined more than 4% Monday

Additionally, Spotify is raising its fees in several additional countries, including Australia, Canada, France, the United Kingdom, and Mexico. Existing customers will be informed via email of the pricing adjustments and given a “one-month grace period” before the new costs take effect, according to the company.

The company stated on its website, “As we continue to grow our platform, we are updating our Premium prices so that we can keep innovating in changing market conditions.”