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Spotify, the Swedish music-streaming giant, has increased the prices of its premium plans in the United States, marking the latest step in its strategy to enhance profit margins.
Spotify’s price hike is part of a broader effort to boost margins. The company has been:
Following the announcement, Spotify’s shares rose by approximately 4% in premarket trading.
Spotify explained its rationale for the price increase, stating, “We’re increasing the price of Premium Individual so that we can resume investing in and innovating on our product offerings and features.”
Analysts suggest that Spotify could further drive growth by:
In April, Spotify reported its quarterly gross profit exceeding 1 billion euros ($1.08 billion) for the first time, attributing this milestone to reduced marketing spending.
The company’s premium subscribers grew by 14%, reaching 239 million. Spotify also projected 631 million monthly active users for the second quarter.
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