Spotify will raise its premium subscription prices across multiple regions, including the Middle East, Africa, Europe, Latin America, and the Asia-Pacific, the company announced Monday.
Subscribers in affected markets will see their monthly fee increase from €10.99 to €11.99 from September. Spotify said impacted users will receive email notifications outlining the changes.
The move mirrors a similar price hike in the United States last year, when Spotify raised its monthly premium rate from $10.99 to $11.99. That marked the second price increase for U.S. users in a single year.
This latest global adjustment comes days after Spotify reported disappointing quarterly earnings, falling short of revenue expectations and triggering an 11% drop in its stock price.
On the company’s earnings call, CEO Daniel Ek acknowledged the setback, saying he is “unhappy with where [Spotify is] today,” but added he remained “confident in the ambitions we laid out for this business.”
Despite the weak earnings, Spotify’s stock climbed 5% in pre-market trading following news of the subscription price increases.
