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

Spotify to Increase Prices in Select Markets This Year: What Users Need to Know.

According to a report by Bloomberg, Spotify is planning to increase prices in select markets this year, with the US being one of them. This means that your Spotify subscription could see a price hike in the near future. The company is also working on introducing new tiers such as a basic tier and a “supremium” plan.

In some 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 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 but it seems that they are following suit with their competitors in order to increase revenue. It will be interesting to see how users react to these changes and whether they will continue to use Spotify’s services despite the price increase or switch to another platform that offers similar services at a lower cost.

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