Spotify’s stock price rose 3.9% this week after the company’s announcement of a U.S. price increase on Monday (June 3) sent the stock on a roller-coaster ride. Billboard reports shares rose to a new 52-week high of $331.08 on Wednesday — its highest point since Feb. 25, 2021 — before closing at $308.11 on Friday (June 7).
After raising subscription prices in the United States and many other major markets in July 2023, Spotify further hiked rates in the United Kingdom and Australia in May.
The additional U.S. price increase, which goes into effect in July, will raise individual rates to $11.99 per month and family plans to $19.99 per month.
The higher prices will help Spotify cover the costs of bundling music with limited free streaming of audiobooks. The streamer is giving its customers plenty of options, though.
A music-only tier has been introduced in the United Kingdom that costs 10.99 pounds ($13.99) per month, compared to 11.99 pounds ($15.26) per month for the music-and-audiobook option. Two-person Duo plans and student plans also offer discounts to the standard individual plan.
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