TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, June 3.
Related: Spotify CEO is shocked by negative impact of recent layoffs
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are kicking off the first trading day of June after a banner month for the markets – all three major averages posted their sixth positive month in seven, with the tech-heavy Nasdaq notching its best month since November 2023. Investors are hoping to carry the momentum into June as they look ahead to the May jobs report out Friday and the Fed’s interest rate decision on June 12th.
In other news - After raising its prices less than a year ago, Spotify is once again hiking the prices of its subscription plans. In July of 2023, the company raised prices between $1 and $3 depending on your subscription tier, and it’s following roughly the same playbook this time around.
More on Price Increases:
- Yes, there are fewer chips in the bag: Shrinkflation, explained
- Surge pricing: Examples, history & how it works (Uber, Lyft, DoorDash & more)
- Don't expect food prices to go back to pre-pandemic levels
Starting in July, U.S. subscribers with an ad-free premium plan will pay $11.99 a month - that’s a 20% increase over the past two years. Its Duo plan, which allows two people to split a premium account, will increase by $2, making the cost $16.99 a month. And Spotify’s family plan will once again get a $3 price hike to $19.99 a month.
In a blog post, Spotify said “So that we can continue to invest in and innovate on our product features and bring users the best experience, we occasionally update our prices. Over the next month, subscribers in the US will receive an email explaining what this update means for their subscription.”
Spotify is just one of many streaming giants to hike prices recently. Netflix, Disney+, and Peacock have all become more expensive over several months.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: Veteran fund manager picks favorite stocks for 2024
