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As a slew of streaming and subscription-based companies continue to raise prices, Spotify is reportedly implementing new pricing plans for its loyal customers.
On Wednesday, Bloomberg reported that the music streaming big will elevate costs this month (between $1 to $2 per 30 days) in 5 of its worldwide markets together with the U.Okay., Australia, and Pakistan, citing sources aware of the matter.
Within the U.S., in the meantime, clients will not see a rise this month, however customers primarily based within the states can anticipate a worth hike by the tip of this yr.
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The outlet reported that the upper costs of month-to-month subscriptions are set to offset the price of Spotify’s audiobook function, as Spotify has to pay publishers to host the books on its platform.
The sources additionally allege that Spotify will supply a brand new, cheaper month-to-month pricing tier, which can give customers entry to music and podcasts however not audiobooks for $11 a month — the present value of a premium plan.
Spotify has traditionally supplied two plans for customers — a paid premium, which provides ad-free listening, and a free possibility, which topics listeners to commercials throughout their programming.
Spotify didn’t remark publicly on the report.
The streaming big had a strong Q4 2023, with month-to-month energetic customers growing by 28 million quarterly and premium customers growing by 31 million quarterly to a complete of 236 million globally.
Spotify bumped prices within the U.S. final July by $1 for premium customers.
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“In order that we will maintain innovating, we’re altering our Premium costs throughout a lot of markets world wide,” the corporate wrote in a post at the time. “These updates will assist us proceed to ship worth to followers and artists on our platform.”
Spotify was up over 8.15% in a 24-hour interval upon the information Wednesday afternoon.
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