hocus pocus
Spotify (New York Stock Exchange: Spot) shares erasing pre-market gains and dropped nearly 5% Monday even as the streaming company announced price changes to its premium subscription, including in the US
in launchStockholm, Sweden Spotify (SPOT) said the market scene “continued To evolve” since its launch and has been changing prices around the world to allow it to continue to “innovate”.
In the US, the price of the premium subscription increases to $10.99, up from $9.99, while the price of the premium subscription, premium family and premium student plans have also been increased by $1, to $14.99, $16.99, and $5.99 respectively.
By contrast, Apple Music and Amazon Music Unlimited cost $10.99 and $8.99 per month, respectively.
Spotify (SPOT) also said that other countries will receive price changes, including Sweden, Italy, the United Kingdom, and many others. Spotify (SPOT) has more than 200 million premium subscribers worldwide.
It was reported last week that Spotify (SPOT) would raise prices as it seeks to further compete with Apple (AAPL), Amazon (AMZN), Google (GOOG) and YouTube Music in the streaming music market.
Last month, it was reported that Spotify (SPOT) would introduce a new high-end subscription later this year, featuring high-fidelity audio.