Spotify to increase prices in France over new tax

FILE PHOTO: A screen displays the logo and trading information for Spotify on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 6, 2024. REUTERS/Brendan McDermid/File Photo

PARIS (Reuters) - Swedish streaming service Spotify on Thursday said it would increase its prices in France due to a new tax, which it argued would fail to accomplish its intended goal.

The government last year decided, starting form this year, to slap a 1.2% tax on the revenue streaming companies make in France to help finance music creation.