Spotify stock closed up 8% on Wednesday after a Bloomberg report said the company will increase prices for its premium subscription service in several markets, including the U.S., for the second time in a year.
The Swedish music-streaming company will hike prices in the U.S. later this year, Bloomberg reported Wednesday, citing people familiar with the matter.
Spotify will raise monthly prices by the end of April by about $1 to $2 in five markets including the United Kingdom, Australia and Pakistan, according to Bloomberg.
Spotify will also launch a new basic subscription tier for $11 per month, the same price as the premium plan currently costs, Bloomberg reported.
Last year, the audio company raised prices by as much as $2 for its premium subscription in the United States and several other countries.
Organizations:
New York Stock Exchange, Spotify, Bloomberg, Apple, YouTube
Locations:
New York City, U.S, Swedish, United Kingdom, Australia, Pakistan, United States