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Spotify climbs premarket after music-streamer raises U.S. premium plan prices

Investing.com -- Shares in Spotify (NYSE:SPOT) jumped in premarket U.S. trading on Monday after the music-streaming service announced that it had raised the prices of its premium offering in the U.S.

On a monthly basis, an individual subscription to Spotify's premium plan in the U.S. will now cost $11.99, up from $10.99. Its duo plan is now set at $16.99 a month from $14.99, while its family plan will run consumers $19.99 instead of its prior price of $16.99.

The premium service includes access across Spotify's functionalities, and accounts for much of its revenue.

In an email cited by Reuters, Spotify defended the cost hikes, saying they will help the company invest in developing its products and features. The Swedish group has also recently reined in marketing expenditures and laid off workers in a bid to bolster margins.

Spotify reported quarterly gross profit above 1 billion euros for the first time ever in April, but the reduced marketing spending weighed on its number of monthly active users.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.