Fri. Apr 19th, 2024

At this point, I’m sure you’ve read the same “Streaming Service Has Raised Prices” headline over and over again. Every streaming service has raised its prices, and some sevices enact several price hikes over the span of a few months. Now, Spotify could join the bandwagon, as the company is reportedly planning its second price increase of the last year.

According to a Bloomberg report, Spotify Premium will experience a price increase in several markets through 2024. The United Kingdom and Pakistan will be hit by this price hike by the end of April, followed by a hike in the U.S. later this year. We don’t really have an exact timeline, and Spotify hasn’t confirmed the price hike rumors, but you should expect a price increase to come to your account sooner or later.

For those keeping score, this would be Spotify’s second-ever price increase. The last price hike occurred in July 2023, bringing Spotify Premium from just $10 a month to $11.

The reason for the price increase, apparently, is to recoup costs from Spotify’s new audiobook library. Spotify’s Premium subscription, which includes music, podcasts, and audiobooks, will see a price increase of roughly $2 in affected markets. Those who don’t need audiobooks can supposedly downgrade to an upcoming music-and-podcasts subscription, which will cost $11, the same price you’d pay for a Premium membership today.

The Bloomberg report also says that Spotify may introduce multiple subscription tiers, perhaps for things such as the platform’s long-promised Hi-Fi audio support, which has been in the works for years. Note that Spotify recently introduced a $10 audiobook-only membership. New membership tiers are within the realm of possibility.

It will certainly be interesting to see how Spotify’s pricing options pan out. Currently, Spotify has one single Premium subscription and a free “Basic” service, which is ad-supported and weighed down by several restrictions. We’re curious to see whether this free plan experiences more restrictions as a result of the shifting membership options. One thing’s certain, however, and it’s that charging more money for what you already have is a temptation that few streaming companies are able to resist.

Source: Bloomberg via CNBC

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By John P.

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