BUZZ-Spotify up after it raises U.S. prices of premium plans

Reuters · 06/03 11:24
BUZZ-Spotify up after it raises U.S. prices of premium plans

** Shares of music-streaming service Spotify SPOT.N up 3.9% at $308.45 premarket

** SPOT raises prices for its premium plans in the United States in its push to increase margins

** On a monthly basis, Spotify raises its individual plan to $11.99 from $10.99, duo plan to $16.99 from $14.99 and its family plan to $19.99 from $16.99 in the U.S.

** Spotify has been trying to boost its margins in recent months by lowering marketing spending and through layoffs, after relying on promotions and hefty investments to drive user growth

** As of last close, SPOT up ~58% YTD


(Reporting by Pritam Biswas in Bengaluru)

((Pritam.Biswas@thomsonreuters.com))