Spotify Technology plans to raise its monthly subscription price in the U.S. by $1, a long-awaited change by the audio giant as it pushes to become consistently profitable. Audio and video streaming services alike are under pressure from Wall Street to focus on profitability over user growth. A number of video streaming services, including Peacock and Disney+, have raised prices in recent months. Shares in Spotify, which has said it plans to raise prices this year to match competitors, are up 110% so far this year. YouTube on Thursday increased the price of an individual music streaming plan to $10.99 a month.

Source: Wall Street Journal July 22, 2023 04:39 UTC