The cost of Spotify’s premium subscription tiers has increased
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 corporation now costs $16.99 instead of $15.99, while the student option now costs $5.99 instead of $4.99.
On Monday, shares of Spotify decreased by more than 4%.
Additionally, Spotify is raising its fees in a number of additional nations, 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 business.
“As we continue to grow our platform, we are updating our Premium prices so that we can keep innovating in changing market conditions,” the business stated this on its website.
