MOSCOW (Pakistan Point News / Sputnik - 25th July, 2023) Shares of Swedish audio streaming service Spotify dropped on Monday by 4.65% after the company announced a price increase for its Premium monthly paid subscription service, trading data showed.
On Monday, Spotify raised its premium subscription prices in several markets across all categories in an effort to "keep innovating," the company said. A single user subscription now costs $10.99, up from $9.99, and a family subscription now costs $16.99, up from $15.99, the company added.
As a result, at the opening of the New York Stock Exchange, the company's shares were trading at $167.01, but the price fell by 4.65% to $163.72 per share at the closing of trading, the exchange showed.
The price increase will also affect users in Australia, France, the United Kingdom, Canada and Mexico.
Spotify is an audio streaming service created in 2008 that has more than 515 million users and Spotify's library includes more than 100 million tracks. Spotify Premium subscription boasts 210 million users in 184 countries.
