Spotify to hike premium subscription price in the Middle East, other markets
Spotify's shares rose more than 5% in premarket trading. They have gained about 40% so far this year.
The company said subscribers will receive an email explaining the price increase over the next month.
Price increases in the past, combined with cost-cutting efforts in recent years, have helped Spotify achieve its first annual profit for 2024.
But the company forecast its third-quarter profit below analysts' estimates last month, as higher taxes related to employee salaries outweighed music streaming demand. It saw an increase in monthly active users and premium subscribers during the second quarter.
The subscription price will rise to 11.99 euros ($13.86) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
Spotify is also benefiting from Apple's approval of the Swedish company's US app update to show subscription prices and external payment links, after a judge barred the iPhone maker from charging commission on off-app purchases.
The audio streaming company's CEO Daniel Ek said this change has led to "a very positive uptick" in the US He also said that if similar rules are adopted in Europe and the UK, it would benefit both Spotify and other app developers.
Spotify has been expanding its library of video content to attract subscribers, including through its partner programme, which is designed to help podcast creators by offering them monetisation options.
A growing number of creators are joining the Spotify Partner Programme, resulting in a significant increase in video content on our platform, Ek had earlier said.
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