Spotify sinks even as it announces increase in US premium prices (updated)
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Spotify (NYSE:SPOT) shares erased pre-market gains and fell nearly 5% on Monday even as the streaming company announced price changes to its premium subscription, including in the U.S.
In a release, Stockholm, Sweden-based Spotify (SPOT) said the market landscape has "continued to evolve" since the company launched and it is changing prices around the world to allow it to keep "innovating."
In the U.S., the price of a premium subscription goes to $10.99, up from $9.99, while the premium duo, premium family and premium student plans were also increased by $1, to $14.99, $16.99 and $5.99, respectively.
By contrast, Apple Music and Amazon Music Unlimited cost $10.99 and $8.99 per month, respectively. 
Spotify (SPOT) also said that other countries will receive price changes, including Sweden, Italy, the U.K. and several others. Spotify (SPOT) has more than 200M premium subscribers around the world.
It was reported last week that Spotify (SPOT) would raise prices as it seeks to further compete with Apple (AAPL), Amazon (AMZN) and Google's (GOOG) (GOOGL) YouTube Music in the streaming music market.
Last month, it was reported that Spotify (SPOT) will introduce a new high-end subscription later this year, featuring high-fidelity audio.
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