Prices are going up, and that's great for shareholders.
Sweden-based audio streaming giant Spotify announced Monday it is raising prices for its Premium plans in the U.S. once again, after increasing subcription fees nearly a year ago.
Shares of Spotify Technology (SPOT) rose in intraday trading Monday after the streaming music provider announced an increase in subscription prices in the U.S.
Analysts expect the streaming giant could drive further growth by offering tailored subscription plans based on consumer preferences in verticals such as music, audiobooks and podcasts.
Spotify is raising the prices of its premium plans in the United States, saying it aims to invest in its product features. Beginning immediately for new subscribers and on the July billing date of existing subscribers, the new prices for the plans are $11.99 for Individual, $16.99 for Duo, $19.99 for Family and $5.
A new Spotify subscription will now cost you $12 a month.
Spotify Technology SA (NYSE:SPOT) has increased its monthly subscription prices for individual, duo and family packages to, in its own words, “continue to invest in and innovate on our product offerings and features, and bring you the best experience. Individual plans will increase from $10.99 to $11.99, duo plans from $14.99 to $16.99 and family plans from $16.99 to $19.99.
Here is how Spotify (SPOT) and Seagate (STX) have performed compared to their sector so far this year.
Shares of Spotify rose by about 5% on Monday, after the company announced it will once again raise the prices for its subscription plans in the U.S., following an increase in subscribers.
Spotify is raising prices for the second time in two years, upping the monthly rate for its ad-free premium plan by $1 starting in July. When the new price of $11.99 takes effect, it will be 20% higher than it was in 2022.
Spotify on Monday announced it is increasing the cost of its premium subscription plans, according to a release. The company also hiked its prices in July of last year.
Spotify Technology SA SPOT, -2.60% announced early Monday that it was raising prices for its various paid streaming offerings in the U.S. The monthly price of an individual plan, for instance, will go up by a buck to $11.99.