Spotify is raising its subscription prices, it informed customers in an email.
The music streaming service had been trialling increasing prices, but the hikes are now official.
They will come into effect from 30 April, and affect Premium Family, Premium Duo and Premium Student tiers.
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However, if you are already a subscriber the increase will not take effect until June.
The good news for Premium Individual subscribers is that prices appear to be remaining the same.
Price increases
- Premium Family – up from £14.99 to £16.99 per month
- Premium Duo – up from £12.99 to £13.99 per month
- Premium Student – up from £4.99 to £5.99 per month
Spotify said the price hike is so it can “continue to bring you new content and features”.
Downturn in subscribers
It was reported over the weekend that Spotify is set to report a significant downturn in subscriber numbers, with lockdown restrictions ending reversing its pandemic boom.
Spotify reported six million new subscribers in the first three months of 2020, and 11 million in the fourth quarter.
However, the company is expecting a worst-case scenario of 17 million new subscribers in 2021 – compared to 31 million last year.
Netflix reported a similar drop in subscriber numbers in the first quarter of 2021, with the company’s share price taking a hit.
Overall, however, Spotify is in a strong position. Its share price has doubled in the last year, with the business now valued at around £36bn.
