Spotify to increase prices this year and launch new tier
The price hikes will help cover the cost of audiobooks, a new service offered by the company, Bloomberg reported.
The price hikes will help cover the cost of audiobooks, a new service offered by the company, Bloomberg reported.
Spotify shares were up more than 6.8% in pre-market trading Monday morning after news broke that it would lay off roughly 1,500 of its workforce in an effort for the audio streaming service to cut costs amid slowing growth.
The platform said it would use a new feature from OpenAI that can generate “human-like audio.”
Shares of the Swedish music streaming giant tanked 11% Tuesday after reporting earnings, set for their worst day in nine months.
Popular music streaming platform Spotify has confirmed that they will be raising their prices from $11.99 to $12.99 a month for Premium users.
Spotify plans to raise the price of its advertisement-free premium streaming plan by $1 a month, sources told the Wall Street Journal on Friday, as the streaming giant looks to remain competitive in a growing streaming marketplace, following similar moves by Netflix and Peacock.
Spotify has ended its multi-million dollar podcast deal with Prince Harry and wife Meghan Markle.