Spotify Technology SA (NYSE:SPOT) looks to raise its subscription fees in France, directly responding to a new tax targeting music-streaming services, which took effect on January 1.
This tax, amounting to a 1.2% levy, is part of France’s effort to support the national music sector, with funds directed to the Centre National de la Musique (CNM).
Spotify, alongside other affected services like Deezer, Apple Inc (NASDAQ:AAPL) Apple Music, and Alphabet Inc (NASDAQ: GOOG() (NASDAQ:GOOGL) Google’s YouTube Music, have been openly critical of this legislation, especially since Spotify leads in the French market, TechCrunch
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