Spotify looking to reportedly up prices later this year

Spotify listening could become more expensive for some users this year.

Bloomberg reported on Wednesday, citing people familiar with the matter, that Spotify Premium subscription prices in the U.S. will increase later this year.

Premium users in the UK, Australia, Pakistan and two other markets will see price hikes, the outlet said. It will reportedly be rolled out in these markets by the end of this month.

Spotify plans to raise prices for individual subscriptions by about $1 a month in affected markets, Bloomberg reports. Users with Duo or Family memberships will reportedly have to pay an additional $2 per month.

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The audio streaming service’s terms of service state that “paid subscriptions may be changed at any time,” and “we will notify you in advance of any price changes.”

The last time the price of Spotify’s premium plan increased was in July. At the time, the audio streaming company said the move would help it “continue to innovate” and “continue to deliver value to fans and artists on our platform.”

The streaming service logo “Spotify” displayed on a smartphone. (Photo illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images / Getty Images)

According to Bloomberg, Spotify is reportedly preparing several new tiers, including an $11 music and podcast-only one that doesn’t include access to audiobooks.

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The company began exploring audiobooks in 2022. Last fall, Premium His accounts began allowing you to listen to up to 15 hours of audiobooks each month at no additional charge.

The outlet reported that Spotify is looking to help finance its audiobook products by implementing price increases.

Spotify declined a request for comment from FOX Business.

Spotify CEO Daniel Ek speaks at a press event in New York on May 20, 2015. (Reuters/Shannon Stapleton/Reuters Photo)

When the company announced its fourth-quarter results in February, CEO Daniel Ek said the company’s audiobook business was “doing well and we’re very excited about its potential.” said.

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“It’s still early days, but the feedback from listeners and the industry is very encouraging,” he said. “In the fourth quarter, we became the No. 2 provider of audiobooks behind Audible, which is notable considering how entrenched our legacy players are.”