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Investing.com -- Spotify (NYSE: NYSE:SPOT) shares edged up 1.3% following reports that the music streaming giant plans to increase subscription prices in various countries across Europe and Latin America, as per the Financial Times.
The move, which is expected to take effect as early as June, involves a price hike of approximately €1 on individual subscriptions. However, the company has indicated that it does not intend to adjust its subscription rates in the U.S. market this summer. The information comes from sources close to the matter, although Spotify has declined to provide comments on the Financial Times’ inquiries.
Investors appeared to respond positively to the news, suggesting confidence in Spotify’s pricing strategy and its potential to boost revenue internationally. The decision to raise prices outside the U.S. could reflect the company’s efforts to capitalize on its market position and the value proposition of its streaming services.