Spotify introduced on Monday that its premium subscription prices will improve for customers in a number of markets throughout the Middle East, Africa, Europe, Latin America, and the Asia-Pacific area.
Over the subsequent month, impacted subscribers will obtain an electronic mail explaining that their month-to-month subscription price will improve from 10,99 € to 11,99 €.
Spotify made an analogous change final 12 months for customers within the U.S., growing prices from $10.99 to $11.99 — on the time, it marked the second occasion after they had hiked prices over the past 12 months.
These worth hikes arrive after Spotify’s tough earnings report final week, when the platform missed income expectations, inflicting its inventory worth to drop 11%. On the corresponding earnings name with traders, CEO Daniel Ek acknowledged that he’s “unhappy with where [Spotify is] today,” however remained “confident in the ambitions we laid out for this business.”
Spotify’s shares rose 5% in pre-market buying and selling after asserting the value hikes.