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Spotify has held strong to its monthly subscription price of $9.99 for a good amount of time. But last July, the streaming company raised the price of its Premium tier to $10.99. Well, it appears that the service’s subscription will get another price hike soon.
According to a report from Bloomberg (link), the prices for the Premium subscription of Spotify will go up by about $1 for the individual plans, while the family and duo plans will see a $2 price increase. As per the report, these price changes are about to take effect in the UK, Pakistan, Australia, and two other markets. The US will also see the price increase, but it’s coming “later this year.”
Why Would Spotify Raise the Subscription Price Again?
It hasn’t been long since Spotify raised the price for its Premium subscription to $10.99. So, why would the streaming service increase the fee again? Well, the service has recently started offering audiobooks, which is an added cost for the company.
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Subscribers of the service now get 15 hours of listening per month. However, Spotify does need to pay the audiobook publishers. This has likely led the company to move towards another price hike. Don’t listen to audiobooks and find the price hike a bad decision? There’s a piece of good news for you!
The report has also suggested that Spotify will be introducing a new plan. This plan will offer music and podcasts, but will not have audiobooks. As you may have guessed, this plan will be priced the same as the Premium tier now. All this suggests that the 15 hours of audiobook listening was designed to make the users pay more for the feature.
Speaking of new plans, Spotify’s Superpremium plan is on its way. It will be offering access to high-fidelity audio, which will make the streaming service better compete with Apple Music and others.
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