Spotify is raising prices for many US and UK subscriptions this week

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This might not be music to the ears of many Spotify subscribers. The music and podcast streaming service will increase the cost of its Family Plan by $ 1 a month in the US this Friday, the company confirmed to MarketWatch on Monday. Family Plan users in the US started receiving emails Monday about the pending price increase, which will see the monthly service bundling up to six premium accounts for family members move from $ 14.99 to $ 14.99. 15.99 per month.

That’s the only increase American Spotify SPOT listeners will see, + 4.02% for now. And there will be a one-month grace period for existing Spotify subscribers before they see their bills go up. UK subscribers, on the other hand, are seeing their family plans rise three pounds to £ 16.99 this week. British listeners to Spotify will also see the price of Student Plans (for those enrolled in an accredited college or university) and Duo Plans for two people increase by one pound to reach £ 5.99 and £ 13.99 a month, respectively. Related: Spotify is moving towards social audio with the acquisition of sports chat app The Verge reported that some other countries can also expect to see price increases. Some European countries, including Ireland, will see the Student and Duo plans increase by one euro to € 5.99 and € 12.99 per month, respectively. And the Family Plan increases from € 14.99 to € 17.99 per month in Europe, according to The Verge. Spotify did not immediately confirm The Verge’s report on countries outside the US and the UK to MarketWatch, but shared the following statement: “We offer a variety of subscription plans tailored to the needs of our users, and occasionally We update our prices to reflect local macroeconomic factors and meet market demands while providing unparalleled service. ”Spotify, due to report its latest earnings this Thursday, reported more than 150 million premium subscribers in the fourth quarter, and its Total monthly active users increased 27% year-over-year to 345 million people. But despite those impressive numbers, the company’s average revenue per user declined 8% in the fourth quarter. Spotify shares are down more 6% so far this year.