Spotify is increasing its prices – here’s which plans are getting more expensive

Spotify
Reuters

  • 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.
  • See more stories on Insider’s business page.

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.”

Read more: Spotify turns 15 today and is worth $50 billion. These 5 key breakthroughs made the streaming giant a massive success.

The music and podcast-streaming app sent out emails to subscribers, informing them of the changes.

Screen Shot 2021 04 27 at 8.23.07 AM

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.

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Costco membership fees are expected to increase starting in 2021, the first time in four years

Costco pandemic coronavirus
  • For the first time since 2017, Costco is expected to raise the price of its membership.
  • Europeans are likely to see an increase first, starting this year, with the US following in 2022.
  • The company last raised the price by $5 for a basic membership, and $10 for a premium membership.
  • Visit the Business section of Insider for more stories.

The annual cost of accessing Costco’s low prices on groceries is about to increase, according to a new analyst note from Wells Fargo.

The grocery chain’s Gold Star membership plan is expected to increase in price this year, for its basic “Everyday” and premium “Executive” memberships.

The prediction is based on the company’s history of increasing its membership pricing gradually over time, approximately every 5.5 years. “The membership fee looks poised to increase in the next 18 months,” the note viewed by Fox Business said, “and represents a potential catalyst for sales and earnings.”

The last time Costco raised the prices of its membership programs, in 2017, it added $5 to the lower tier and $10 to the higher tier. Those increases represented just shy of a 10% jump; it currently costs $60 for a basic membership, and $120 for a premium membership.

The price increase would have a much greater impact on Costco’s bottom line than it did back in 2017: There are over 108 million Costco members, as of February 14, according to the company.

Costco representatives were unable to be reached for comment as of publishing.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

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