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Spotify Shares Jump 18% on Pending Price Increases, New CFO Hire

Spotify stock is up 18% on reported price increases and a new CFO hire. A report says the streamer will raise subscription prices in select markets.

This week, investors reacted to a Bloomberg report that Spotify is raising subscription prices in select markets and will pass another rate hike in the United States later this year. “Audiobooks appear to be perhaps a larger revenue opportunity than podcasting based on this survey works and long-standing consumer price points for books,” Morgan Stanley analysts wrote. Music streaming company Anghami (NASDAQ: ANGH) was the biggest loser of the week after dropping 41.1% — it lost 44.5% on Wednesday alone — after OSN Group, a premium entertainment provider for the Middle East-North Africa region, acquired a 55.45% stake.

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