Spotify is planning to increase prices for its subscription service in select markets, including the US, according to a Bloomberg report. The company is also working on introducing new tiers such as a basic tier and a “supremely premium” plan.

Price increases are expected to range from $1 to $2 per month in markets such as the UK, Australia, and Pakistan by the end of this month. In the US, price increases will come later in the year. The basic tier will include music and podcasts for $11 per month for an individual premium plan, while users will have to pay extra for audiobooks below this level. The “supremely premium” plan is rumored to feature high-fidelity audio features.

Spotify’s efforts are aimed at increasing the company’s profitability. The company pays out $0.70 for every dollar earned to music owners and has made significant investments in podcasts, including an exclusive deal with the “Joe Rogan Experience” podcast that cost the company at least $200 million.

In the past, Spotify has raised prices in July, increasing most plans by $1 per month. Competitors like Apple Music and YouTube Premium have also raised their prices in recent years. The individual Apple Music plan became more expensive by $1 in 2022, while the individual YouTube Premium plan increased by $2 next year.

Spotify has yet to comment on these reports but it is clear that they are taking steps to increase their revenue streams and improve their financial position as a company.

By Samantha Johnson

As a dedicated content writer at newspuk.com, I immerse myself in the art of storytelling through words. With a keen eye for detail and a passion for crafting engaging narratives, I strive to captivate our audience with each piece I create. Whether I'm covering breaking news, delving into feature articles, or exploring thought-provoking editorials, my goal remains constant: to inform, entertain, and inspire through the power of writing. Join me on this journalistic journey as we navigate through the ever-evolving media landscape together.

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