Spotify has announced it is raising its premium subscription prices in several markets across the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. Over the next month, affected subscribers will be notified by email that their monthly cost is increasing from €10,99 to €11,99.
This decision follows a similar price increase last year in the United States, where the cost went from $10.99 to $11.99. The new hikes come after a recent earnings report where the company missed its revenue expectations, causing its stock price to fall by 11%. Following the announcement of the price increases, Spotify’s shares rose by 5% in premarket trading. The company’s CEO, Daniel Ek, recently expressed his dissatisfaction with the company’s current position but maintained confidence in its future ambitions.