Spotify is increasing its premium subscription prices for users across several regions, including the Middle East, Africa, Europe, Latin America, and the Asia-Pacific.
Starting this month, affected subscribers will receive email notifications informing them of a monthly price hike from €10.99 to €11.99.
This marks another global pricing adjustment following a similar increase in the U.S. last year, where Spotify raised its premium plan from $10.99 to $11.99. That move was the second price bump within a year for American users.
The latest hike comes on the heels of a disappointing earnings report. Spotify recently missed revenue expectations, leading to an 11% drop in its stock price. On an earnings call, CEO Daniel Ek expressed dissatisfaction with the platform’s current standing but reaffirmed confidence in its long-term vision.
Despite the weak financial report, Spotify shares rebounded 5% in pre-market trading after news of the global price adjustments broke.
