Bloomberg Reports Spotify Will Increase Prices in the Coming Year

Spotify Planning to Increase Prices in Multiple Markets This Year, Including the US

A recent report by Bloomberg suggests that music-streaming giant Spotify is planning to increase prices in multiple markets this year, including the US. As part of its efforts to boost profitability, the company is working on introducing a new basic tier and a “supremium” plan.

According to the report, Spotify is looking to raise monthly prices by around $1 to $2 in five markets by the end of this month, with countries like the UK, Australia, and Pakistan being included. Price hikes in the US are expected to come later in the year. The price increases are part of a larger strategy by Spotify to increase revenue and improve its financial performance.

In addition to price increases, Spotify is also working on new tier offerings. One of these is a new basic tier that will include music and podcasts for $11 a month. Users may need to pay extra if they want access to audiobooks as well. The other is a “supremium” plan that will offer features like high-fidelity audio.

These changes come on the heels of Spotify’s last price increase in July, where most plans saw a $1 per month hike. Competitors like Apple Music and YouTube Premium have also raised their prices in recent years, prompting some users to switch platforms or cancel their subscriptions altogether.

Spotify did not immediately respond to a request for comment from Business Insider on these developments. However, it’s clear that the company is committed to making money while still providing quality music and podcast content for its users.

Leave a Reply

Rory McIlroy Seeks Coaching Advice from Butch Harmon, Former Coach of Tiger Woods, Ahead of Masters Tournament Previous post Rory McIlroy Seeks Expert Advice from Tiger Woods’ Former Coach Butch Harmon to Win The Masters
The Treasury Processes 1,450 Statements per Minute at Start of Income Campaign: Public Urges Swift Release of Funds Next post Booming Income Tax Campaign Kicks Off with Unprecedented Efficiency and Accessibility: 2023 Return Figures and Features Highlight Technological Advancements in Declaring Income