• Mon. Apr 15th, 2024

News Eyeo

All Important News

Bloomberg Reports Spotify Will Increase Prices in the Coming Year

Byeditor

Apr 4, 2024

Spotify is reportedly planning to increase prices in multiple markets this year, including the US, according to a report by Bloomberg. The streaming service is also working on introducing a new basic tier and a “supremium” plan, as per the report.

The music-streaming giant is looking to raise monthly prices by around $1 to $2 in five markets by the end of this month, with countries like the UK, Australia, and Pakistan being included. Price hikes in the US are expected to come later in the year. These plans are part of Spotify’s efforts to boost profitability, as it currently pays out a significant portion of its earnings to music owners and has invested heavily in podcasts, including a $200 million deal for the “Joe Rogan Experience” podcast.

In addition to price increases, Spotify is working on new tier offerings. One of these is a new basic tier that will include music and podcasts for $11 a month. Users may need to pay extra if they want access to audiobooks as well. The other is a “supremium” plan that will offer features like high-fidelity audio.

These changes come on the heels of Spotify’s last price increase in July, where most plans saw a $1 per month hike. Competitors like Apple Music and YouTube Premium have also raised their prices in recent years.

Spotify did not immediately respond to a request for comment from Business Insider on these developments.

By editor

Leave a Reply