Spotify Premium Prices Set To Rise Across Multiple Global Regions: Retail Chatter Spikes

In the coming weeks, Premium users in various regions, including parts of South Asia, the Middle East, Africa, Latin America, Europe, and the Asia-Pacific, will be notified via email about the updated pricing details.

Spotify Inc. (SPOT) is preparing to adjust its Premium subscription pricing across several international markets, the company announced on Monday. 

Starting from September, the subscription price will rise to €11.99 ($13.88) per month from €10.99. In the coming weeks, Premium users in various regions, including parts of South Asia, the Middle East, Africa, Latin America, Europe, and the Asia-Pacific, will be notified via email about the updated pricing details and how the changes will impact their individual plans. 

Following the announcement, Spotify stock traded over 7% on Monday, after the morning bell. On Stocktwits, retail sentiment around the stock remained in ‘extremely high’ (87/100) territory amid ‘extremely high’ (87/100) message volume levels.

The stock has seen a 250% increase in user message count over the past month. A Stocktwits user said they are going long on the stock.

However, another user was not supportive of the price increase.

The move comes as part of the audio streaming platform’s broader strategy to enhance personalized experiences and invest in new features for its global user base.

Spotify saw a 12% year-on-year (YoY) increase in its second-quarter (Q2) paid subscriber count, bringing the total to 276 million. Meanwhile, its monthly active user base expanded to 696 million, an 11% annual rise, marking the company’s second-strongest Q2 for user growth to date.

Spotify’s Q2 total revenue climbed 10% YoY, reaching €4.2 billion ($4.85 billion) for the quarter, a 10% gain year-over-year, above the analysts’ consensus estimate of €4.26 billion, as per Fiscal AI data. 

As competition among streaming platforms intensifies, Spotify is seeking to balance affordability with the value of its services. The stock has gained over 40% year-to-date and over 93% in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<

Exchange Rate: IEUR=1.16USD