SPOTIFY STOCK SOARS FOLLOWING PRICE HIKE REPORTS

After Bloomberg reported today (3/3) that Spotify will increase prices in multiple territories this year and create a new tier without audiobooks, Spotify's stock soared to a closing price of $291.77. It rose 8.23% during the trading day, a spike of $22.19.

Prices will go up between $1 and $2 in the U.K., Australia and three other territories by the end of April, with a price hike planned for later in the year in the U.S. Bloomberg got its scoop from “people familiar with the matter.”

The higher prices will cover the cost of audiobooks, which were introduced in 2023. Spotify is expected to introduce a tier sans audiobooks—just music and podcasts—that will go for $11 for an individual membership.

Eventually, it will introduce a “supremium” plan that will include the long-promised high-fidelity audio and other features. Stay tuned.

Since the start of the 2024, Spotify's stock has increased 50%.