Spotify is planning another subscription price hike, according to a Bloomberg News report that cites people familiar with the matter.
Bloomberg says the streaming service plans to raise prices by about $1 to $2 per month by the end of April in five markets, including the United Kingdom, Australia and Pakistan, with a U.S. price hike set to follow “later this year.”
This would be the second U.S. price hike within the past year for Spotify, which raised the monthly rate for its individual Premium plan from $9.99 to $10.99 in July.
The company declined to comment on Bloomberg’s report when contacted by USA TODAY.
Why is Spotify raising prices?
Bloomberg reports that the price hike will help cover the cost of audiobooks, a new Premium feature that launched late last year. Spotify offers up to 15 hours of audiobooks per month, with over 200,000 titles available.
How much is a Spotify monthly subscription?
A Spotify Premium subscription in the…
