Spotify Jumped 14.1% This Week to Continue Hot Streak
Shares of Spotify (NYSE: SPOT) jumped as much as 14.1% this week after it was reported that the company is considering another price increase in 2024. According to data provided by S&P Global Market Intelligence, shares are trading up 14.3% for the week as of 10:00 a.m. ET on Friday morning and are now up a whopping 119% in the past year.
In 2023, Spotify raised prices for the first time in years, with a $1 to $2 increase in the U.S. That increase slowly made its way around the world and should boost the streaming company's top and bottom lines.
What surprised investors this week was reports that Spotify is planning another $1 price increase, starting in the U.S., and will include audiobooks in the plan. Fifteen hours of audiobooks were included in some premium plans starting in late 2023, and the test seems to have indicated users enjoyed the added content. The expectation is that customers can downgrade to a music-only plan to save the $1.
Source Fool.com
