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 users may see a price hike for their Spotify subscription in the near future. The company is also working on introducing new tiers such as a basic tier and a “supremium” plan.

In markets like 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. Additionally, Spotify is working on 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 July 2021, Spotify raised prices by increasing most plans by $1 per month, following suit with 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 these changes will have an impact on its users’ wallets and listening habits moving forward

By Riley Johnson

As a content writer at newsmol.com, I dive into the depths of information to craft compelling stories that captivate and inform readers. With a keen eye for detail and a passion for storytelling, I strive to create engaging content that resonates with our audience. Whether it's breaking news, in-depth features, or thought-provoking opinion pieces, I am dedicated to delivering high-quality, informative content that keeps readers coming back for more. My goal is to bring a fresh perspective to every article I write and to make a meaningful impact through the power of words.

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