Tuesday, August 9, 2022

Spotify Shares Go Up Amid Plans to Increase Some of its Prices

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Spotify Technology SA’s recent plans to increase some of its prices in the U.S. and U.K. may not be popular with customers, but it’s sitting well with investors. At last check, stocks of the company were up 4.2% to $296.11 on news that the audio-streaming giant is increasing the rates of certain services. 

In the U.S., Spotify’s Family Plan subscription increased by $1 to $15.99 a month, while for the U.K., the company has raised prices across its Student, Duo, and Family Plan subscriptions.

Student and Duo monthly plans in the U.K. are up by a pound from the earlier plan and will now cost 5.99 pounds, or about $8.32, and 13.99 pounds, or about $19.44, respectively. The Family Plan has been raised by 2 pounds to 16.99 pounds a month.

Current paid subscribers in the U.S. will have two months grace period before the new prices come into effect, while users in the U.K. have a one-month grace period.

“With more than 70 million tracks and 2.2 million podcasts, Spotify continues to innovate and invest in providing our listeners with greater value than ever before, including the best audio content and user experience,” Spotify said in a statement to Variety. 

“We offer a variety of subscription plans tailored to our users’ needs, and we occasionally update our prices to reflect local macroeconomic factors and meet market demands while offering an unparalleled service.”

As Spotify pursues dominance in the podcasting market, investors are betting the price increases can give it more of a cushion there. Jefferies analyst Andrew Uerkwitz last week initiated coverage of the company with a buy rating, saying the company is likely to become “the primary audio platform for creators.”

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The shares of the Stockholm-based company had been down almost 10% this year through the end of last week. Spotify reports its latest quarterly results on Wednesday.


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