Yahoo Finance Spotify hikes prices for UK users
Starting 30 April, Spotify (SPOT) will be raising prices for several of its subscription plans for users in the UK. The price will hit new users immediately, while those who are already members have a one-month grace period.
That means existing subscribers will see an increase when they are billed for June.
The price for Spotify's student plan will be £5.99 ($8.33) per month instead of £4.99.
Those on the Duo plan, which lets two people sign up together and save, will pay £13.99 instead of £12.99. The price of its family plan, which allows up to six people to join for a discounted price, will go up from £14.99 to £16.99.
Spotify Premium members will continue to pay £9.99.
“With more than 70 million tracks and 2.2 million podcasts, Spotify continues to innovate and invest in providing our listeners with greater value than ever before, including the best audio content and user experience," the company said in a statement.
"We offer a variety of subscription plans tailored to our users’ needs, and we occasionally update our prices to reflect local macroeconomic factors and meet market demands while offering an unparalleled service."
READ MORE: Spotify aims for 1 billion more users in biggest ever expansion
Similar price increases have been announced for other European countries as well.
In the US, the price for Spotify family is increasing from $14.99 (£10.77) to $15.99 per month in the US. The prices for the rest of its services are not changing.
Back in February Spotify said it had 155 million premium subscribers and 345 million monthly active users, but it posted a loss of €125m (£108m, $151m) and reports said its average revenue per paying user fell by 8%.
Not long after, the company said it is planning a “sweeping expansion” that will see its music streaming service available in 85 new markets around the world as it aimed to make itself available to 1 billion more people.
But a report over the weekend in the Guardian said: "Spotify is expected to report this week a significant slowdown in the number of new subscribers in the first quarter, the latest pandemic winner to signal that the lockdown entertainment boom is over."
