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Furious Spotify users hit out at “pathetic” price rise

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Spotify users are expressing frustration and anger over the recent price hikes imposed by the music streaming company, with many calling them “greedy” and threatening to cancel their subscriptions.

In response to the market’s evolution, Spotify’s CEO Daniel Ek announced the monthly prices for its advertising-free premium plan would be raised by up to $2.

Customers in the US saw their individual premium plans increase from $9.99 to $10.99, while the Duo plan for two accounts rose to $14.99, and the Family and Student plans experienced increases of $1 and $5.99, respectively.

The anger towards Spotify’s pricing comes amid criticism over its payment model to artists, which uses a “streamshare” basis, resulting in varying compensation depending on music streaming and licensing agreements.

Users expressed their discontent on social media, voicing concerns over the lack of new features added despite the price hike and the continued issue of inadequate artist compensation.

Massive loss

Spotify’s decision to raise prices was followed by lackluster second-quarter financial results, which fell below analysts’ expectations, leading to a drop in share prices.

The company reported a larger-than-expected net loss of $333.4 million, or $1.71 per share, compared to the previous year’s loss of $138 million, or 94 cents per share. Despite revenue totaling $3.18 billion, surpassing Wall Street’s expectations, the price hike and financial results have left many users dissatisfied with the platform.

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Wall Street rallies as oil prices dip and bitcoin hits new high

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Wall Street started the week on a high note, extending last week’s rally as oil prices fell and bitcoin surged to a new record.

The Dow Jones jumped 1%, reaching over 44,000, with Tesla and big banks leading gains.

Crypto stocks soared as bitcoin hit an all-time high above $82,300, driven by optimism about lighter regulation.

Investors are also focused on upcoming inflation data, which could provide more clues about interest rates.

The dollar remained near a recent peak as Federal Reserve speakers, including Chair Jerome Powell, are set to weigh in later this week.

European markets followed suit, with the pan-European STOXX 600 rising over 1% on Monday.

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Bitcoin surges to record highs post-election

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Bitcoin soared to nearly $80,000, reaching unprecedented levels following Donald Trump’s decisive presidential victory earlier this week.

This marks a significant 65.4% increase from its January low of $38,505, underscoring the cryptocurrency’s remarkable growth this year.

The surge is largely attributed to President-elect Trump’s commitment to establishing the United States as “the crypto capital of the planet,” signaling a potential shift toward more favorable regulations for digital currencies.

Investors are optimistic that the incoming administration’s pro-crypto stance will further bolster the market, potentially leading to sustained growth in the sector.

Analysts suggest that this momentum could pave the way for Bitcoin to reach even higher valuations in the near future.

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Iron ore and oil prices drop as Beijing holds back

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China’s National People’s Congress announced a $1.3 trillion plan, but it’s focused on debt, not demand.

Mining giants BHP and Rio Tinto saw share prices fall as hopes for a strong stimulus faded.

Analysts say this “recycling debt plan” won’t deliver a boost for Australia’s resource exports.

Iron ore futures dropped 3%, and oil prices fell 2% after China’s announcement.

Some Australian economists see this as a missed opportunity for mining and the broader economy.

Beijing may wait for clarity on Trump’s trade policies before introducing more aggressive stimulus.

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