Proactive Investors - Spotify Technology SA (NYSE:SPOT) has increased its monthly subscription prices for individual, duo and family packages to, in its own words, "continue to invest in and innovate on our product offerings and features, and bring you the best experience."
Individual plans will increase from $10.99 to $11.99, duo plans from $14.99 to $16.99 and family plans from $16.99 to $19.99. Student plans will remain at $5.99.
The hikes were first rumoured in April and later confirmed by the group.
News of the price hikes set the Swedish music streaming titan’s shares alight, adding 4.5% to $310 in opening Monday trades.
Spotify has nearly doubled in value over the past 12 months thanks to stringent cost-cutting measures, although the company has yet to turn an annual profit.
In the 2023 financial year, Spotify's revenue was €13.25 billion (US$14.3 billion), but the company still reported a net loss of €532 million (US$575.6 million), which was 23.7% more than in 2022.