Spotify to Raise Prices on Premium Subscriptions in the U.S. and Other Markets

Spotify Premium subscription prices in the U.S. will increase later this year, according to a Bloomberg report. Prices will also go up in the U.K., Australia, Pakistan, and two other markets.

The price hike will be around $1 per month for individual plans and $2 more per month for duo and family plans, the report states.

Spotify last raised prices in July 2022. The company said the increases help deliver value and innovation.

Spotify is reportedly launching new tiers, including a $11 per month one just for music and podcasts without audiobooks.

The price hikes may help fund Spotify's audiobook offerings, which launched last year and are now the second largest audiobook provider behind Audible.