Spotify to Raise Subscription Prices to Offset Audiobook Costs

The streaming giant aims to cover audiobook expenses with price hikes in key markets and the US, while offering new subscription tiers.

Spotify plans to increase subscription prices by $1 to $2 per month in five key markets, including the UK, Australia, and Pakistan, by the end of April, and in the US later in 2024.
The price increase is aimed at covering the costs associated with offering audiobooks, which Spotify added to its premium subscriptions in November 2023.
Spotify will introduce a new basic tier offering music and podcasts at the current premium subscription price, excluding audiobooks.
The streaming service gained 113 million new free and paid users in 2023, ending the year with 602 million users in total, including 236 million paying subscribers.
Spotify also unveiled a new service called Live Experiences, allowing brands to sponsor Spotify Live events.