"We’ve talked about 2024 as the year of monetization and we’re delivering on that ambition,” Spotify CEO Daniel Ek said on the company's last earnings call.

Spotify is raising U.S. subscription prices next month.

The individual plan will increase from $10.99 to $11.99 per month. The Duo plan will go from $14.99 to $16.99, and the Family plan will jump from $16.99 to $19.99. The Student plan remains at $5.99. These changes aim to boost revenue and fund product innovation.

Investors reacted positively, pushing Spotify shares up more than 5% today and adding to its more than 100% gains over the past year.

LikeFolio data suggests Spotify has plenty of pricing power.

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