Spotify plans to raise prices later this year: report

Listening to Spotify could get much costly for immoderate users this year.

The costs of Spotify Premium subscriptions successful nan U.S. will emergence later successful nan year, Bloomberg reported Wednesday, citing group acquainted pinch nan matter.

Premium users successful nan U.K., Australia, Pakistan and 2 different markets will spot nan value summation spell into effect, according to nan outlet. It will reportedly rotation retired by nan extremity of nan period successful those markets.

Listening to Spotify could get much costly for immoderate users this year. (REUTERS/Dado Ruvic/Illustration/File Photo / Reuters Photos)

Spotify will instrumentality a astir $1-per-month hike for individual subscriptions successful nan affected markets, Bloomberg reported. Users pinch duo and family memberships will reportedly person to salary $2 much per month.

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The audio streaming service’s position of work statement that it "may from clip to clip make changes to Paid Subscriptions" and "will pass immoderate value changes to you successful advance." 

Spotify's prices for its premium plans past accrued successful July. At nan time, nan audio streaming institution said nan move would "help america proceed to present worth to fans and artists connected our platforms" and "keep innovating."

The streaming work logo Spotify displayed connected a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

Spotify reportedly has a fewer caller tiers successful nan works, including 1 for just euphony and podcasts priced astatine $11 that will not person audiobook access, according to Bloomberg.

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The institution started delving into audiobooks successful 2022. Last fall, premium accounts became eligible to perceive to up to 15 hours of audiobooks each period astatine nary further cost.

The outlet reported that Spotify is seeking to thief money its audiobook offerings pinch nan implementation of nan value increases.

Spotify declined FOX Business' petition for comment.

Spotify CEO Daniel Ek speaks during a property arena successful New York May 20, 2015. (Reuters/Shannon Stapleton / Reuters Photos)

In February erstwhile the company released its fourth-quarter earnings, CEO Daniel Ek said its audiobook business was "performing well, and we are very excited astir its potential."

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"It’s still early days, but nan feedback from listeners and from nan manufacture is highly encouraging," he said. "In Q4, we became nan number 2 supplier of audiobooks down Audible, which is notable, fixed really entrenched nan bequest players are."