Spotify will increase prices by as much as $2 per month in various significant markets by the end of April

After keeping its monthly subscription at 9.99 USD for several years, music streaming giant Spotify made a change last July when it increased its Spotify Premium service to 10.99 USD. Now, it looks like the music platform is gearing up for another price hike, with a much shorter interval this time. According to Bloomberg News, Spotify is set to increase subscription fees by 1 USD to 2 USD in the UK, Australia, Pakistan and two additional markets by the end of April, with intentions to raise prices for US customers at a later date within this year.

Spotify plans to raise prices in the US in the near future.

The report also indicates that Spotify is preparing for a price increase in the US later this year. This change will happen at the same time as the launch of a new entry-level option that allows access to music and podcasts, but not audiobooks.

This new tier will be integrated into the existing Single Premium plan and is expected to be the first of many new pricing options offered by Spotify.

The introduction of the new pricing model will lead to a rise of approximately 1 USD per month for individual plans, and a 2 USD increase for family and duo plans intended for couples. At present, individuals can subscribe to Spotify Premium for 10.99 USD per month, couples for 14.99 USD per month, and families for 16.99 USD per month in the United States.

The increase in subscription prices is intended to offset costs associated with audiobooks, a service that has gained popularity since its introduction late last year.Spotify's paid plan offers a maximum of 15 hours of audiobook listening every month. Although the company compensates book publishers, it currently only receives additional revenue from listeners who exceed their usage limit.

For those looking to explore audiobooks in alternative ways, Spotify will introduce a new "basic" plan at its existing $10.99 premium that excludes audiobooks but still offers music and podcasts. However, it is hoped that this setting will not affect the audio quality provided by the service.

Regarding this matter, it has been reported that the company plans to proceed with the release of its highly anticipated "premium" plan, which will feature lossless streaming and extra functionalities. Recently, a few Spotify users have observed the Dolby Atmos logo appearing on the Now Playing app screen. This strongly indicates that spatial audio might be added as an extra feature in the Spotify Premium bundle.

In March, the Swedish music streaming company revealed plans to increase subscription fees in France due to a new tax. The streaming service is claiming that the tax, which was put in place by the government last year at a rate of 1.2 per cent on revenue earned by streaming companies, will not successfully help with music production as intended.

The tax, which became effective on January 1, requires Spotify and similar companies like Deezer, Apple Music, and Google's YouTube Music to pay a 1.2 per cent levy. The money will be allocated to the Centre National de la Musique (CNM) in France, which was founded four years ago, to support the music industry in the country. Although all impacted businesses are against the legislation, Spotify, as the leading company in the nation, has been the most vocal in its disapproval, according to the report.

The new tax, starting on January 1st, will require Spotify, Deezer, Apple Music, and Google's YouTube Music to pay a 1.2 percent levy. The money will be given to the National Music Center of France (CNM), established four years ago to support the French music sector. According to the report, although all impacted companies are against the law, Spotify, being the biggest player in the country, has been the most vocal in its opposition.

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