For many global customers, the cost of streaming their favorite music on Spotify is about to have a bigger impact on their wallets.
The music streaming service announced that it’s raising the monthly price of a premium subscription to 11.99 euros ($13.87) starting in September. Spotify said that the 1-euro price hike would affect markets in South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region, but did not list the countries impacted.
The price for US-based subscribers will not go up — for now at least. That likely won’t last — the company raised the price by a dollar in 2023 and another dollar in 2024. It now costs $12.
Spotify did not immediately respond to a request for comment on whether it planned on raising US prices for Premium subscriptions.
In its announcement Monday, Spotify said it was introducing the price increase “so that we can continue to innovate on our product offerings and features, and bring you the best experience.”
The announcement gave a shot in the arm to Spotify’s share price during Monday’s trading, with a nearly 7% increase in the stock price at the NYSE. The share price had dropped 11.5% on July 29 after the company’s profit forecast fell below what analysts had predicted.