JAKARTA - Spotify announced on Monday, August 4, that it will raise the price of its monthly individual premium subscriptions in several markets starting in September. The Swedish streaming company is taking this step to increase its profit margins.
The individual subscription price will increase from 10.99 euros to 11.99 euros (approximately Rp. 228,000) per month in several regions, including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.
Subscribers will receive an email explaining the price increase within the next month.
Spotify shares rose about 3% in pre-market trading. Year-to-date, the company's stock has gained nearly 40%.
Last month, Spotify projected its quarterly profit to be below analysts' estimates, as a tax increase related to employee salaries offset demand for its music streaming service.
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