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Spotify raises subscription prices

Spotify announced on Monday that its premium subscription prices will increase for users in multiple markets across the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.

Over the next month, impacted subscribers will receive an email explaining that their monthly subscription cost will increase from 10,99 €  to 11,99 €.

Spotify made a similar change last year for users in the U.S., increasing prices from $10.99 to $11.99 — at the time, it marked the second instance when they had hiked prices over the last year.

These price hikes arrive after Spotify’s rough earnings report last week, when the platform missed revenue expectations, causing its stock price to drop 11%. On the corresponding earnings call with investors, CEO Daniel Ek stated that he is “unhappy with where [Spotify is] today,” but remained “confident in the ambitions we laid out for this business.”

Spotify’s shares rose 5% in pre-market trading after announcing the price hikes.