• Thu. Apr 18th, 2024

Spotify Announces Price Increases and New Tiers for Subscribers in Select Markets

BySamantha Jones

Apr 4, 2024
Bloomberg Reports: Spotify Prices Set to Increase in the Coming Year

Spotify is set to increase prices in select markets this year, including the US, according to a report by Bloomberg. This means that subscribers could see an increase in their monthly fees. The company is also working on introducing new tiers such as a basic tier and a “supremium” plan.

The price increases are expected to be around $1 to $2 per month in markets like the UK, Australia, and Pakistan by the end of this month. The US will see a price hike later in the year. Additionally, Spotify is working on new plans like a basic tier that includes music and podcasts for $11 a month for an individual premium plan. Users would need to pay extra for audiobooks under this tier. The “supremium” plan is rumored to include high-fidelity audio features.

These efforts by Spotify are aimed at increasing profitability for the company. Spotify has shared that it pays out $0.70 for every dollar earned to music owners and has made significant investments in podcasts, such as the exclusive deal with the “Joe Rogan Experience” podcast which cost the company at least $200 million. In recent years, competitors like Apple Music and YouTube Premium have also raised prices, with Apple Music’s individual plan becoming $1 more expensive in 2022 and YouTube Premium’s individual plan seeing a $2 increase the following year.

Spotify has yet to comment on these reports.

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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