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Spotify shares rise 8% after report of additional price hikes

By Sabela Ojea

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

Shares rose 8.2% to $291.77. The stock has surged 122% 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 reported, 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.

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04-03-24 2044ET

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