California: Spotify Technology is planning a $1-a-month increase in the price of its premium subscription, the ad-free version of its music and podcast streaming service.
The timing of the increase - which would boost the price to about $11 a month - isn’t definite, but could be announced as early as next week, said a person familiar with the company’s thinking who asked not to be identified. A higher price would fit with Spotify’s intention to introduce a super-premium plan with high-fidelity audio.
The news, reported earlier Friday by the Wall Street Journal, sent Spotify up as much as 4.1 per cent in intraday trading. The shares closed down less than 1 per cent to $171.71.
The music streaming leader has been an outlier in holding the line on prices after rivals Amazon.com and Apple boosted theirs over the past year.
