Spotify is reportedly eyeing to increase the price of its Premium service only months after the previous hike.
The music streaming platform is planning to raise its subscription prices between $1 and $2 across five markets by the end of April.
Spotify to Increase Subscription Prices, Again
Spotify is reportedly targeting to implement price changes in the U.K., Australia, Pakistan, and two other markets by the end of the month. As for the U.S. customers, the increased prices will be announced later this year.
Last July 2023, the company announced a subscription price increase, making the current ad-free Premium plan $10.99 per month for one account. Meanwhile, the Family plan currently costs $16.99 per month.
With the planned increase, it is expected that the individual plans will go up by $1 a month. On the other hand, the family plan and duo plan will increase by $2.
The company has been moving actively to improve its user experience by introducing features both on its mobile and desktop apps. By the end of 2023, Spotify reported 602 million users, including 236 million paying customers.
Spotify Links Audiobook Support on Price Hike
A Bloomberg report detailed that Spotify is implementing a price hike to cover the expenses of bringing audiobooks to the platform, a service that was introduced late last year. Currently, the platform offers up to 15 hours of audiobook listening per month as part of the subscription.
Moreover, there is also a report that Spotify is planning to introduce a new basic tier that will only offer music and podcasts for the standard price of $10.99. Subscribers of this plan would have to pay to get access to audiobooks.
There are also rumors of developing a "supremium" plan that would charge customers a higher price in exchange for high-fidelity audio and other exclusive offers.
Other streaming platforms that directly compete with Spotify such as Apple Music and Amazon Music have already increased their prices for their services.
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