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Spotify is raising its prices once again as share price continues to soar

The price hikes make Spotify’s subscription service more expensive than rival Apple Music.

Shares of Spotify rose by about 5% on Monday, after the company announced it will once again raise the prices for its subscription plans in the US, following an increase in subscribers. Spotify will notify customers with premium subscriptions with an email next month, saying its price hikes will allow the company to “invest in and innovate on our product offerings and features and bring users the best experience.” Additional price hikes followed Spotify’s announcement that it would offer subscribers 15 hours of audiobooks per month to compete against Amazon’s Audible.

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