Spotify will increase its premium subscription prices from 10.99 € to 11.99 € for users in the Middle East, Africa, Europe, Latin America, and Asia-Pacific. Subscribers will be notified via email over the next month. This price change follows a recent earnings report that showed revenue misses, resulting in an 11% drop in stock price. CEO Daniel Ek expressed unhappiness with the current performance but remains confident about the company’s ambitions. The announcement led to a 5% rise in Spotify shares in pre-market trading, reflecting positive investor sentiment regarding the price hikes.
Spotify announced a price increase for its premium subscription in various markets, raising costs from 10.99 € to 11.99 € over the next month.
Following a disappointing earnings report with missed revenue expectations and an 11% drop in stock price, Spotify is adjusting subscription costs as part of its strategy.
CEO Daniel Ek expressed dissatisfaction with the current state of Spotify but maintains confidence in the business strategy despite recent challenges.
After announcing the price hikes, Spotify's shares rose 5% in pre-market trading, indicating investor reaction to the strategic decision.
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