Spotify is intending to raise the price of its popular audio service in several key markets for the second time within a year.
The Swedish-based music streaming giant plans to implement price hikes of approximately USD1 (~RM4.73) to USD2 (~RM9.46) per month in five markets, including the UK, Australia, and Pakistan, by the end of April. Subsequently, it will initiate price increases in the US, its largest market, later in the year, according to Bloomberg.
These increased prices are aimed at offsetting the expenses associated with audiobooks, a service introduced in late 2023. Spotify provides subscribers with up to 15 hours of audiobook listening per month as part of their paid subscription.
Additionally, the company plans to introduce a new basic tier that will offer music and podcasts, excluding audiobooks, at the current monthly rate of USD11 (~RM52.11) for an individual premium plan. Subscribers of this tier will be required to pay separately for audiobooks.
This new basic tier is the initial offering among several new pricing options Spotify is developing. The company is also working on a “Supremium” plan, which would charge customers a higher fee for access to high-fidelity audio and other features.
