Spotify Raising Prices for Subscriptions in Multiple Countries to Fund Growth
• Spotify plans to raise prices on subscriptions by $1-$2 per month in UK, Australia, Pakistan and other markets by end of April
• Spotify will also raise prices later this year in the US and introduce a new basic tier with music and podcasts
• Price hikes include $1 more for individual plans, $2 more for family and duo plans
• Price increases could help push Spotify toward profitability as it forecasts continued strong growth in premium subscribers
• Spotify has added offerings like podcasts and audiobooks to reduce reliance on music industry and gain more users