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Spotify Shares Rise Over 6% After Report of Additional Price Hikes

By Sabela Ojea


Shares of Spotify Technology on Wednesday climbed following a report on the company planning to raise prices further in several countries, including in the U.S., as it looks to cover the cost of audiobooks.

In recent trading, shares were up 6.2% to $286.38. The stock has surged 119% over the past 12 months.

The audio streaming giant is looking to increase prices by about $1 to $2 a month in five markets by the end of April, including the U.K., Australia and Pakistan, Bloomberg reports, citing people familiar with the matter.

The Swedish company will also raise prices in the U.S. later this year, and introduce a new basic tier that will offer music and podcasts, but not audiobooks, for the current individual premium plan of $11 per month, Bloomberg reported.

Spotify had already raised prices in the second half of 2023.


Write to Sabela Ojea at; @sabelaojeaguix


(END) Dow Jones Newswires

April 03, 2024 13:58 ET (17:58 GMT)

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