Spotify stated on Monday that its premium users would experience an increase in their rates worldwide starting in September. As of around 15.30 CEST, the company’s share price had increased by more than 6% in premarketing trading on Wall Street in response to the news. Following a dismal earnings report that hurt the company’s share price last week, there was a spike in investor interest.
At the end of July, the corporation projected quarterly earnings that were below expectations. This was partially caused by high payroll taxes, which came to €116 million and outpaced the rise in demand for music. The platform aims to boost profit margins while expanding its product line, which is why it made the news regarding subscriptions.
Customers on individual plans in South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region will be impacted by price adjustments. Payments for European individual plan subscribers will increase from €10.99 to €11.99 per month.
According to a corporate statement, customers will get an email outlining the pricing adjustments throughout the course of the following month. Whether clients on other subscription plans will also be impacted is presently unknown.
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