Spotify is set to raise prices by $1 a month for individuals and $2 a month for duo and families, according to Bloomberg.
Reports suggest that the price increase – the second one in a year – will take effect by the end of April in the UK, Australia, Pakistan, and other territories. The change will also hit US customers later in the year. Bloomberg is reporting that this may only be for customers wanting to continue to listen to audiobooks. This change follows Spotify adding audiobooks to the service back in October last year, allowing users to listen to 15 hours of select audiobooks per month at no additional cost.
For users who are not interested in audiobooks, the company is said to be introducing a new Spotify “basic” plan that will keep the current prices but remove access to audiobooks.
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The report doesn’t suggest that any other features currently available will be put behind the higher-cost subscription. Spotify has been working on the “Supremium” plan for nearly three years now and is possibly nearing a launch, which will come in at an even higher price point but offer lossless audio as well as Dolby Atmos audio (which some users have spotted appears in the app).
Apple Music has offered both features for three years now at no extra charge. Spotify raised its price by $1 to $10.99 for individuals and $16.99 for families in July 2022. Apple Music followed suit in October of the same year. Since then Apple has increased prices on other services including the Apple One bundle at the end of 2023, but Apple Music was unaffected.
Spotify themselves are yet to officially announce the price increase, however, it will be interesting to see how Spotify will implement the different tier plans, how consumers will feel about the second price increase in under a year, and if other streaming services increase their prices following this.
