Spotify announced on Monday that premium subscription prices will rise for users in multiple markets in the Middle East, Africa, Europe, Latin America and Asia Pacific.
Next month, affected subscribers will receive an email explaining that their monthly subscription costs will increase from 10,99 euros to 11,99 euros.
Spotify made a similar change to US users last year, increasing the price from $10.99 to $11.99. At the time, I marked the second instance that hiked last year’s price.
These price increases arrive after Spotify’s rough revenue report last week. This is because the platform missed revenue expectations and the stock price fell 11%. In a corresponding revenue call with investors, CEO Daniel Ek said “(Spotify) is unhappy with today,” but “we are confident in the ambitions we laid out for this business.”
Spotify shares rose 5% in pre-market trading after announcing a price hike.