Subscribers have been sent emails from Spotify this month letting them know their monthly subscription cost will be raised in the next billing cycle.

Individual subscribers will be paying an extra $2 per month after the price of a basic plan was hiked up from $13.99 to $15.99, marking an increase of 14.2 per cent.

Premium duo subscribers have been sent emails from Spotify letting them know their monthly subscription will be raised from $19.99 to $22.99 per month.

That’s a slightly bigger increase of 15 per cent.

The family plan, the most expensive tier, will jump by 16.6 per cent from $23.99 per month to $27.99.

Meanwhile, the student plan – the most affordable Spotify plan – has increased by $1 from $6.99 to $7.99, a total of 14.3 per cent.

In a statement to 9news.com.au, a Spotify spokesperson said users will be given a “grace period” before the new prices kick in.

“As Spotify continues to innovate and invest in providing our listeners with greater value than ever before, as well as an unparalleled service, we occasionally update our prices,” the spokesperson said.

“We’re committed to delivering the best audio content around the world and are always working to bring our users more original and exclusive content, a highly personalised experience, and powerful discovery tools.”

This year’s price hike is slightly heftier after Spotify increased the price of the individual plan by $1 in 2024, from $12.99 to $13.99 per month.

Spotify also increased premium prices for Australian customers less than a year earlier, in September 2023.

According to the Financial Times, the Swedish-owned music streaming platform has raised prices as it invests in new features and targets one billion users.

Prices have been increase in multiple markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

Spotify recorded its first full year of profitability in 2024 since it launched in 2008.