Spotify gains as it's said to boost prices again, push audiobooks [Seeking Alpha]
Warner Music Group Corp. - Class A (WMG)
Company Research
Source: Seeking Alpha
The company is boosting the cost of its audio service by $1-$2 per month in five key markets by the end of April, including the UK, Australia and Pakistan -- and a price hike in the U.S. will follow later this year, Bloomberg reported. That's part of funding the broader move beyond its key music offering into audiobooks -- but it's also an important milestone toward long-term profits. Warner Music Group ( NASDAQ: WMG ) also rose, up 4.8% Wednesday morning. Tencent Music Entertainment ( NYSE: TME rose 1.2% So far, Spotify has offered its paid users up to 15 hours of audiobook listening per month, largely eating those costs. Now, it will introduce a new basic tier at the current $11/month price of a premium plan, which will include music and podcasts but not audiobooks, according to the report. But it's also looking at a "supremium" plan, the report noted, which would offer high-fidelity audio and other features for a higher price. Audiobooks have seen strong consumption and
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Sec Filings
- 3/8/24 - Form 8-K
- 3/7/24 - Form 4
- 3/7/24 - Form 4
- WMG's page on the SEC website