00:00Spotify is raising the price of its premium subscription from $11.99 to $12.99 a month in the U.S.
00:06and select global markets starting with February billing.
00:09The company says the increase will help it, quote, keep delivering a great experience,
00:14marking the third U.S. price hike since mid-2023.
00:18The move comes despite strong recent earnings,
00:20as Spotify's forward guidance has fallen short of Wall Street expectations.
00:25The hike also lands during a major transition period,
00:27with co-founder Daniel X stepping down as CEO,
00:31an ongoing backlash from artists protesting his defense tech investments.
