Overview

• 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.