In mid-January, Spotify announced an increase in the monthly fee for its U.S. Individual Premium plan from $11.99 to $12.99, representing an 8.3% hike. The company also adjusted its multi-user tiers: the Duo plan will rise to $18.99, Family to $21.99, and Student to $6.99. This marks Spotify’s first price increase since June 2024 and mirrors similar moves by competing services such as Netflix and Disney+, which have raised fees within the past year. Management cited rising content licensing costs and continued investment in podcast exclusives and personalized recommendation technology as drivers of the adjustment.

During Q3, Csenge Advisory Group expanded its stake in Spotify by purchasing an additional 2,317 shares, taking its total to 3,151 shares valued at approximately $2.2 million as per its latest SEC filing. Several smaller firms also initiated or increased positions: Knuff & Co. deployed $27,000 in Q2, Total Investment Management committed $29,000, Heartwood Wealth Advisors added $27,000 in Q3, Sound Income Strategies lifted its holding by 156.3% to 41 shares worth $31,000, and GFG Capital invested $33,000. Institutional ownership now stands at 84.1%, underscoring confidence from large-scale investors.

Five major brokerages updated their outlooks on Spotify in the past four months. UBS maintained a Buy rating but trimmed its price target from $850 to $800. Barclays downgraded its target from $750 to $700 while keeping an Overweight stance. Benchmark reduced its objective from $860 to $760 with a Buy recommendation. New coverage from Argus and Citizens JMP arrived in September and December respectively, offering Buy or Outperform ratings with targets near $845 and $800. Overall, two analysts issue Strong Buy, 23 rate Buy, and nine maintain Hold, yielding a consensus Moderate Buy rating and an average target of $743.90.

In its latest earnings report for Q3, Spotify delivered $3.83 in adjusted EPS, surpassing consensus by $1.96, and generated $5.01 billion in revenue, exceeding estimates by $780 million. Year-over-year revenue climbed 7.1%, while net margin reached 8.46% and return on equity hit 21.68%. Ad-supported streams continued to grow, accounting for 54% of listening hours. Analysts forecast full-year EPS of 10.3, driven by ongoing subscriber growth—Premium adds averaged 1.8 million per quarter during 2025—and further expansion in podcast ad revenue, which grew 15% year-over-year in Q3.