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Spotify is raising the prices of its premium subscription plans

Daniel Eck, CEO of Swedish music streaming service Spotify.

Toru Yamanaka | AFP | Getty Images

Spotify announced on Monday that it will increase the price of its Premium subscription offerings by $2, representing a 20% increase for some plans.

The company said the market landscape has “continued to evolve” since Spotify launched, and that the changes will help the company “continue to bring value to fans and artists,” according to a blog post.

In the US, Spotify’s Premium Single offering now costs $10.99 from $9.99, while the Premium Duo plan has changed to $14.99 from $12.99. The company’s Premium family plan is now $16.99 from $15.99, and the student offering is $5.99 from $4.99.

Spotify shares were down 5% on Monday morning.

Spotify is also raising prices in several other countries, including Canada, France, the UK, Mexico and Australia. The company said existing subscribers will be notified of the price changes by email and will receive a “month-long grace period” before the new prices take effect.

“As we continue to evolve our platform, we are updating Premium pricing so we can continue to innovate in a changing market environment,” the company wrote on its website.

Spotify will report its quarterly earnings on Tuesday at 6 a.m. ET.

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