Spotify Set to Increase Prices in Multiple Markets, Including Basic Tier and Supremium Plan Offerings”.

Bloomberg Reports Spotify Will Increase Prices in the Coming Year

According to a report by Bloomberg, Spotify is planning to increase prices in multiple markets this year, including the US. The streaming service is also working on introducing a new basic tier and a “supremium” plan as part of its efforts to boost profitability.

In five markets, including countries like the UK, Australia, and Pakistan, Spotify is looking to raise monthly prices by around $1 to $2 by the end of this month. Price hikes in the US are expected later in the year. These plans come after Spotify’s last price increase in July where most plans saw a $1 per month hike.

Competitors like Apple Music and YouTube Premium have also raised their prices in recent years. However, Spotify did not immediately respond to a request for comment from Business Insider on these developments.

Aside from price increases, Spotify is also working on new tier offerings. One of these is a new basic tier that will include music and podcasts for $11 a month. Users may need to pay extra if they want access to audiobooks as well. The other is a “supremium” plan that will offer features like high-fidelity audio. These changes come after Spotify has invested heavily in podcasts, including a $200 million deal for the “Joe Rogan Experience” podcast.

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