Spotify announced on Monday that it will raise its premium subscription prices for users in various markets, including the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.
Starting next month, affected subscribers will receive an email notifying them of the price increase from €10.99 to €11.99.
This change follows a similar adjustment last year in the U.S., where prices were also raised from $10.99 to $11.99, marking the second price hike within a year.
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These increases come on the heels of a disappointing earnings report last week, where Spotify fell short of revenue expectations and saw its stock price drop by 11%. During the earnings call, CEO Daniel Ek expressed dissatisfaction with the company’s current state but maintained confidence in its future goals.
Following the announcement of the price hikes, Spotify’s shares rose by 5% in premarket trading.
SOURCE: TECH CRUNCH
