Your streaming is about to cost more: Spotify price hike is on the way says Bloomberg

2024-12-25 21:04:41 source:lotradecoin withdrawalspeed category:Markets

Spotify is planning another subscription price hike, according to a Bloomberg News report that cites people familiar with the matter.

Bloomberg says the streaming service plans to raise prices by about $1 to $2 per month by the end of April in five markets, including the United Kingdom, Australia and Pakistan, with a U.S. price hike set to follow "later this year."

This would be the second U.S. price hike within the past year for Spotify, which raised the monthly rate for its individual Premium plan from $9.99 to $10.99 in July.

The company declined to comment on Bloomberg's report when contacted by USA TODAY.

Why is Spotify raising prices?

Bloomberg reports that the price hike will help cover the cost of audiobooks, a new Premium feature that launched late last year. Spotify offers up to 15 hours of audiobooks per month, with over 200,000 titles available.

How much is a Spotify monthly subscription?

A Spotify Premium subscription in the U.S. currently costs $10.99 per month for an individual listener, $14.99 per month for the "Duo" plan with two accounts, or $16.99 per month for a family plan with up to six accounts. Students have access for $5.99 per month.

Bloomberg reports that the company will be introducing a new basic tier that will offer music and podcasts, but no audiobooks, at the current $11 monthly rate per individual plan.

When was the last Spotify price hike?

Spotify last announced a $1 to $2 price hike in July of 2023. Existing subscribers were given a one-month grace period before the new rates went into effect.

How to find your Spotify Daylist:Changing playlists that capture 'every version of you'

Spotify stock price

The company's stock price jumped after the report, trading as high as $293 on Wednesday before ending the day at $291.77, up 8.2%.

More:Markets

Recommend

Stock market today: Asian shares advance, tracking rally on Wall Street

BANGKOK (AP) — Shares advanced Thursday in Asia after Wall Street resumed its upward climb, as an up

CDC shortens 5-day COVID isolation, updates guidance on masks and testing in new 2024 recommendations

The Centers for Disease Control and Prevention announced Friday that it would wind down much of its

Shopping for parental benefits around the world

It is so expensive to have a kid in the United States. The U.S. is one of just a handful of countrie