Spotify Technology SA (NYSE:SPOT) has announced that it will raise some subscription prices from September.
The Swedish streaming group said in a statement to investors that subscribers to its Premium service in "multiple markets" across South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region will be informed of the increase in the coming month.
It said it was raising prices as it plans to "continue to innovate on our product offerings and features and bring users the best experience".
The current price for Spotify Premium in the UK is £11.99 per month and will increase to £12.99 per month. In 2023 the price was increased, for the first time in 12 years, from £9.99 to £10.99, and again in May 2024 to the current level.
In the US is $11.99 per month, with C$12.69 in Canada and A$12.99 in Australia.
Last week, the Stockholm-headquartered company reported lower-than-expected revenue and earnings for the second quarter.
It posted a loss of €0.42 per share, compared to earnings per share (EPS) of €1.37 a year ago, as operating income of €406 million missed the company’s guidance of €539 million, with the company attributing the miss to higher personnel costs and professional services and marketing expenses.
Revenue of €4.19 billion was up 10% year-over-year, below guidance of €4.3 billion.
Spotify said that unfavorable currency movements impacted revenue growth by 440 basis points year-over-year, compared to the 170 basis points incorporated in their guidance.