Spotify on Monday reported it will raise the cost of its Premium subscription offerings as much as $2, which means a 20% increase for certain plans.
The organization said the market scene has “continued to evolve” since Spotify sent off, and that the changes will help the organization “continue to deliver value to fans and artists,” as indicated by a blog post.
In the U.S., Spotify’s Premium Individual offering currently costs $10.99, up from $9.99, and the value of its Top notch Pair plan changed to $14.99, up from $12.99. The organization’s Exceptional Family plan is currently valued at $16.99, up from $15.99, and the Understudy offering costs $5.99, up from $4.99.
Portions of Spotify shut down over 4% Monday.
Spotify is likewise increasing prices across a few different nations, including Canada, France, the U.K., Mexico and Australia. The organization said existing supporters will be informed about the cost changes by means of email and allowed a “one-month grace period” before the new costs come full circle.
“As we continue to grow our platform, we are updating our Premium prices so that we can keep innovating in changing market conditions,” the company wrote on its website.
Spotify will report its quarterly income Tuesday at 6 a.m. ET.
