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Spotify to Raise Prices Later This Year: Report

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variety.com

Jem Aswad Executive Editor, Music Spotify, which increased the cost of its U.S. monthly subscriptions less than a year ago, plans to raise the price of its paid-subscription service in several overseas markets at by the end of this month, and in the U.S.

later this year, according to a report published by Bloomberg on Wednesday. The company, which is the world’s largest paid streaming service by far, will increase prices by about $1 to $2 a month in five markets — including the U.K., Australia and Pakistan — by the end of April 2024, the report claims, citing people familiar with the matter, with the U.S., its largest territory, to follow at an unspecified time later this year.

Under the new pricing, individual plans will go up by about $1 a month, while family plans and so-called duo plans for couples will rise by $2.

The report was followed by a boost in the company’s stock price. While Spotify led the charge for streaming and in the process effectively saved the music industry after years of steep decline, it has struggled for profitability, largely due to the fact that it pays out billions of dollars every year in royalties to major music companies and other rights holders — some $9 billion on $13.2 billion in revenue in 2023.

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