As a number of streaming and subscription-based services continue to increase prices, Spotify is rolling out new pricing plans for its loyal users.
On Wednesday, Bloomberg reported that the music streaming giant will increase prices this month (between $1 and $2 per month) in five of its international markets, including the United Kingdom, Australia and Pakistan, citing sources familiar with the matter.
In the US, meanwhile, customers won’t see an increase this month, but US-based users can expect a price increase later this year.
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The outlet reported that the higher monthly subscription prices are intended to offset the cost of Spotify’s audiobook feature, as Spotify must pay publishers to host books on its platform.
The sources also claim that Spotify will offer a new, cheaper monthly pricing tier, which will give users access to music and podcasts but not audiobooks for $11 a month, the current cost of a premium plan.
Spotify has historically offered two plans for users: a paid premium plan, which offers ad-free listening, and a free option, which subjects listeners to advertising during programming.
Spotify has not commented publicly on the report.
The streaming giant reported a strong fourth quarter of 2023, with monthly active users up 28 million QoQ and premium users up 31 million QoQ for a total of 236 million globally.
Spotify raised prices in the United States last July by $1 for premium users.
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“In order to continue to innovate, we are changing our Premium pricing in several markets around the world,” the company wrote in a blog post at the time. “These updates will help us continue to deliver value to fans and artists on our platform.”
Spotify rose more than 8.15% in a 24-hour period following the news on Wednesday afternoon.