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Spotify to increase premium subscription rates in select markets from September
The Swedish music streaming giant said the price revision is part of its broader strategy to bolster profit margins amid rising operational costs.
Affected subscribers will be notified via email over the next month about the change. (Image: Unsplash)
Spotify is raising the price of its premium individual subscription in select global markets starting September, the company announced on Monday.
The monthly subscription cost will increase from 10.99 euros to 11.99 euros (approximately $13.86), impacting users across South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.
The Swedish music streaming giant said the price revision is part of its broader strategy to bolster profit margins amid rising operational costs.
Affected subscribers will be notified via email over the next month about the change.
The move comes as Spotify continues to balance its user growth with financial sustainability. While the platform has experienced robust global expansion, particularly in emerging markets, the company recently posted a quarterly profit forecast that fell short of analyst expectations, as per media reports.
Spotify attributed this shortfall to increased tax expenses stemming from employee-related costs, despite strong user engagement and music streaming demand.
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