Spotify announced on Monday that its premium subscription prices will increase for users in multiple markets across the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. Over the next month, affected subscribers will receive an email notifying them that their monthly cost will rise from 10.99 € to 11.99 €.
This follows a similar price adjustment last year for U.S. users, where the monthly fee increased from $10.99 to $11.99. That change marked the second price hike within a year for the streaming service.
The latest increase comes after Spotify’s disappointing earnings report last week, which revealed the company missed revenue expectations. As a result, its stock price dropped by 11%. During the earnings call with investors, CEO Daniel Ek expressed dissatisfaction with the company’s current performance but reiterated confidence in its long-term goals.
Following the announcement of the price hikes, Spotify’s shares rose 5% in pre-market trading.