Bloomberg Reports: Spotify Prices Set to Increase in the Coming Year

In an effort to boost profitability, Spotify is set to increase prices in select markets, including the US, according to a report by Bloomberg. This means that users could see a price hike for their Spotify subscription in the near future. The company has also been working on introducing new tiers, such as a basic tier and a “supremely” plan.

In the UK, Australia, and Pakistan, price increases of around $1 to $2 per month are expected by the end of this month. The US will see a price hike later in the year. Under the basic tier, users will receive music and podcasts for $11 a month for an individual premium plan. However, they will need to pay extra for audiobooks under this tier. The “supremium” plan is rumored to include high-fidelity audio features.

These moves by Spotify follow in the footsteps of competitors like Apple Music and YouTube Premium, who have also raised prices in recent years. Apple Music’s individual plan became $1 more expensive in 2022 while YouTube Premium’s individual plan saw a $2 increase the following year.

Spotify has yet to comment on these reports, but it is clear that the company is looking to increase revenue by making changes to its pricing structure and introducing new plans.

By Aiden Johnson

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