Spotify announces premium subscription price hike starting in September across select global markets including Europe and Latin America.
Spotify is tuning up its prices once again. The Swedish streaming giant announced on Monday that it will raise the monthly cost of its individual premium subscription in select global markets beginning in September, in a move aimed at boosting its profit margins.
The premium plan will increase from €10.99 to €11.99 per month (approximately $13.86 USD) in regions including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific. Subscribers in these areas can expect to receive an official email from Spotify in the coming weeks outlining the changes.
Following the announcement, Spotify shares soared nearly 8% on Monday. The stock has already climbed around 40% this year, signaling investor confidence in the platform’s growth strategy.
The company’s recent price adjustments—alongside a series of cost-cutting measures—played a key role in delivering its first-ever annual profit in 2024. While Spotify posted a loss in the second quarter due to higher taxes on employee compensation, it also reported gains in both monthly active users and premium subscribers, underscoring steady platform growth.
To further expand its offerings and draw in new subscribers, Spotify has been building out its video content library. A key part of this effort includes its Partner Program, which provides podcast creators with tools to monetize and grow their audiences. According to CEO Daniel Ek, the platform has seen a noticeable jump in video content volume as more creators sign on.
Spotify is also gaining ground in the U.S. market thanks to a recent policy shift by Apple. A judge’s ruling has barred Apple from taking a cut on off-app purchases, allowing Spotify to show subscription prices and include external payment links in its iOS app. Ek described the change as having a “very positive uptick” in the U.S.—a trend that could expand if similar regulations are adopted in the UK and across Europe.
With rising costs and strategic moves in both content and app accessibility, Spotify continues to evolve in the competitive streaming space, aiming to balance user growth with stronger financial performance.
