• Sat. Apr 13th, 2024

Spotify Plans to Increase Subscription Prices in Select Markets, Including the US; New Tiers and Price Points Expected in June

BySamantha Jones

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

In recent news, Spotify is planning to increase prices for its subscription services in select markets, including the US. The company is also working on introducing new tiers such as a basic tier and a “supremium” plan. According to a report by Bloomberg, these 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.

In addition to the price hike, Spotify has been working on new plans that will offer users more options at different price points. For example, there is a rumored 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 also 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.

It’s worth noting that in the past, Spotify raised prices in July, increasing most plans by $1 a month. Competitors like Apple Music and YouTube Premium 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. However, it’s unclear whether these latest price increases are directly related to these competitor actions or not.

Spotify has yet to comment on these reports publicly but it’s clear that they are making changes to their pricing strategy in order to improve their financial position and continue providing value to their users

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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