Spotify increases its US subscription prices for the third time in 3 years
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Spotify is raising its US subscription prices for the third time in three years, effective next month. Individual premium plans will increase from $12 to $13, and family plans from $20 to $22. This is the first price hike under new co-CEOs Gustav Söderström and Alex Norström. Following the announcement, Spotify shares initially rose by 3% but later fell. The company reported a 12% year-over-year growth in global paid subscribers, reaching 281 million, while ad-supported revenue decreased by 5.5%.
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