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Spotify raises prices for its premium plans in the US
2023.07.24 07:07
© Reuters. FILE PHOTO: Small figurines are seen in front of displayed Spotify logo in this illustration taken February 11, 2022. REUTERS/Dado Ruvic/Ilustration/File Photo
(Reuters) – Spotify (NYSE:) Technology said on Monday it was raising the prices for its premium plans by $1 each in the United States, as the music streaming company looks to boost profitability in an uncertain economy.
Spotify, which competes with rival services from Apple (NASDAQ:) and Amazon.com (NASDAQ:), has been under pressure to focus on profitability over user growth as recession-wary customers cut down on unnecessary spending.
The cost of Spotify’s ad-free premium plans would now all be priced at an additional $1 with the premium single at $10.99, duo $14.99, family $16.99 and the student costing $5.99.
Shares of the company were up more than 1% in trading before the bell.
