Report: Spotify to hike rates on plans to help pay for audiobooks

The company is said to be raising rates to pay for audiobooks.

Spotify is planning a subscription price hike, according to a Bloomberg News report.

>> Read more trending news

Bloomberg quotes people familiar with the matter as saying the streaming service plans to raise prices by about $1 to $2 per month by the end of the month in five markets, including the United Kingdom, Australia and Pakistan. A U.S. price hike will follow “later this year.”

Spotify raised the monthly rate for its individual Premium plan from $9.99 to $10.99 in July 2023.

The company has not announced a rate increase, and declined to comment on Bloomberg’s report.

According to the story, the price hike will help cover the cost of audiobooks.

In the U.S., a Spotify Premium subscription 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.

The company will be introducing a new basic tier that will offer music and podcasts, but no audiobooks, at the current $10.99 monthly rate per individual plan, according to Bloomberg’s report.

On Air95.1 WAPE - Jacksonville's #1 Hit Music Station Logo

mobile apps

Everything you love about wape.com and more! Tap on any of the buttons below to download our app.

amazon alexa

Enable our Skill today to listen live at home on your Alexa Devices!