Spotify is once again hiking the prices of its premium subscriptions, and this time, it’s a global event. Users in a variety of regions, including Europe, Asia, Africa, Latin America, and the Middle East, will see their monthly bills go up. This change will start to roll out in September.
It’s a move that’s been in the works for a while. Spotify has said the price increase is necessary to help them invest in new features and improve their service. While some might be frustrated, the company is looking to boost its profit margins. Existing subscribers will get an email notification about the new pricing, so they won’t be caught completely off guard. For example, in Europe, the individual plan is going up by a euro, from €10.99 to €11.99.
This news comes on the heels of similar price bumps in the U.S. last year. Interestingly, despite a recent profit forecast miss, Spotify’s stock price jumped by almost 3% after the announcement. It seems investors are happy with the company’s strategy. Spotify continues to expand beyond just music, pushing into podcasts and other audio content, all while navigating ongoing pressures from artists and the music industry for a larger share of the revenue.
