What's Going On With Spotify Stock Monday?

Spotify Technology S.A. SPOT stock hogged investor attention Monday as it shared plans to boost the prices for its premium plans by $1 each in the U.S.

The  Apple Inc AAPL Apple Music and Amazon.com Inc AMZN Amazon Music rival has faced pressure to focus on profitability over user growth as recession-wary customers cut unnecessary spending, Reuters reports. 

The cost of Spotify's ad-free premium plans would be available for an additional $1, with the premium single at $10.99, the duo at $14.99, the family at $16.99, and the student costing $5.99.

Last week Alphabet Inc GOOG GOOGL YouTube hiked the price of its Premium subscription in the U.S.

New YouTube subscribers must pay $13.99 monthly for the individual plan, marking a $2 increase from the previous $11.99 fee. Notably, the iOS YouTube app subscribers face a steeper monthly cost of $18.99.

The company shut down its live audio app Spotify Live, highlighting its struggle with live audio. 

In July, Spotify explored adding full-length music videos to its app, intensifying rivalry with YouTube and ByteDance Ltd's TikTok. 

Spotify has been striving to establish video as a core part of its app to tap the Gen Z audience.

Price Action: SPOT shares traded higher by 0.05% at $171.80 premarket on the last check Monday.