Spotify is increasing its prices - here's which plans are getting more expensive
- Spotify is raising prices for a subscription to its family plan in the US to $15.99.
- Subscription prices in the UK and Europe are increasing as well.
- Shares of the music-streaming app rose Monday and Tuesday following the news.
Spotify is upping the prices for some its Premium subscriptions on April 30, affecting users in the US, UK, and Europe.
In the US, Spotify is raising the price for a family subscription, which includes up to six users, to $15.99 from $14.99 per month, while prices for other plans such as Duo, Premium, and Student are unchanged.
In the UK, prices for Spotify Duo and Student are increasing by one euro per month, to £13.99 ($16.90) and £5.99 ($7.24), respectively, while the family plan will increase by two euros to £16.99 ($20.52).
In Europe, the family plan will be €17.99 ($21.73) per month, an increase of 3 euros,according to the Verge. The news site added that Spotify is charging more for plans in other European countries, including Ireland, and some countries in Asia and South America as well.
"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," a Spotify spokesperson told Insider in a statement.
The company added that it "continues to innovate and invest in providing our listeners with greater value than ever before, including the best audio content and user experience."
The music and podcast-streaming app sent out emails to subscribers, informing them of the changes.
Shares of Spotify rose after the news came out Monday, and rallied again Tuesday after the market opened, according to Markets Insider data. The company is now worth more than $53 billion.
Spotify, which competes with Apple Music, has about 155 million paying subscribers.
For each song streamed, it pays artists less than a penny. Last year, Spotify said artists could promote their music to more listeners, if they took a pay cut on per-stream revenue. Apple, meanwhile, has upped the ante, saying it pays out a penny per stream, Insider reported earlier this month.
Later this year, subscribers in some markets will have access to Spotify HiFi, an upgrade to the sound quality of music that will allow users to "listen to their favorite songs the way artists intended," the music-streaming app said in a press release.