Report: Spotify Intends to Increase Pricing Later this Year

Report: Spotify Intends to Increase Pricing Later this Year

For some customers, Spotify listening may become more costly this year.

According to a report on Wednesday that cited persons with knowledge of the situation, Spotify Premium subscription prices in the United States will increase later in the year.

The site claims that the price rise will apply to premium customers in the UK, Australia, Pakistan, and two other markets. According to reports, it will launch in those areas before the end of the month.

According to reports, Spotify will raise individual subscription prices in the impacted areas by about $1 per month. It is believed that users with family and duo memberships will pay an additional $2 a month.

According to the terms of service for the audio streaming service, it “may from time to time make changes to Paid Subscriptions” and “will communicate any price changes to you in advance.”

The most recent hike in Spotify’s premium plan costs was in July. The company that streams music claimed at the time that the change would “help us continue to deliver value to fans and artists on our platforms” and “keep innovating.”

According to reports, Spotify is developing a couple more levels, one priced at $11 that will only provide access to music and podcasts and exclude audiobooks.

In 2022, the corporation began exploring audiobooks. Premium customers were able to enjoy free monthly audiobook listening for up to 15 hours last fall.

In February, CEO Daniel Ek announced the company’s fourth-quarter earnings and stated that the audiobook division was “performing well, and we are very excited about its potential.”

Audiobooks are Free for Paid Subscribers on Spotify

“It’s still early days, but the feedback from listeners and from the industry is extremely encouraging,” he stated. “In Q4, we became the number two provider of audiobooks behind Audible, which is notable, given how entrenched the legacy players are.”

Sanchita Patil

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