Audio-streaming platform Spotify Technology
SPOT,
is planning to raise the price of its ad-free premium service in the U.S., likely by one dollar to $10.99 a month, the Wall Street Journal reported on Friday. The move, which would follow price hikes from other streaming platforms as investors press for profitability, is likely to be announced next week, the Journal said, citing people familiar with the matter. Similar increases for Spotify’s subscription plans outside the U.S. would follow in the months ahead, the Journal said. The company did not immediately respond to a request for comment. Spotify Chief Executive Daniel Ek floated the possibility of a price increase in the U.S. last year, amid a slowdown in digital advertising and years of losing money. Shares slipped 0.4% after hours. Spotify reports quarterly results on Tuesday.
