By the end of April, Spotify plans to increase the prices of its plans by around $1 to $2 per month in five markets, including the United Kingdom, Australia and Pakistan, according to Bloomberg News.
According to Bloomberg, Spotify will also increase prices in the United States, its largest market, later this year. The actions of the Swedish streaming rose more than 5% in early trading.
The company will also introduce a new basic plan that will offer music and podcasts – but not audiobooks – for $11, the current monthly price of a plan premium individual. The new basic plan is the first of several new pricing options from Spotify. Spotify declined to provide a statement about these changes when contacted by Reuters.
In early February, Spotify CEO Daniel Ek said the company has “a lot of levers to pull, including price increases,” adding that investment in podcasts was a headwind for the business in 2023.
The company offers plans premium monthly in various modalities and prices: $10.99 for an individual plan, $14.99 for a Duo and $16.99 for the family plan in the United States, indicates the site from the company.
With the new pricing, individual plans increase by around $1 per month, while family and duo plans increase by $2.
