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Apple Music Just Raised Its Prices. Here's What It Means for Spotify

TheMotleyFool

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Apple Music Just Raised Its Prices. Here's What It Means for Spotify: https://g.foolcdn.com/editorial/images/706119/listening-to-music.jpg

Big news hit the music streaming industry when Apple (NASDAQ: AAPL) announced this week that it is raising the price of Apple Music in the United States. Formerly, the premium music subscription was $9.99 a month, but it will increase $1 to $10.99. This comes along with price hikes across other Apple subscription services like Apple TV+.

Competing audio streaming company Spotify (NYSE: SPOT) saw its stock jump 5% on the news, likely because investors became more bullish about the Swedish upstart's competitive position in the music industry.

Here's why an Apple Music price hike should be good news for Spotify's business moving forward.

Source Fool.com

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