On this picture illustration, the Spotify music app is seen on a cellphone on June 04, 2024 in New York Metropolis. Spotify made an announcement that it will likely be elevating the worth of its Spotify Premium Particular person plan by $1, from $10.99 to $11.99 per 30 days and the Premium Household plan by $3, from $16.99 to $19.99 per 30 days.
Michael M. Santiago | Getty Photographs
Spotify will introduce a brand new costly plan for its most ardent customers later this yr, Bloomberg Information reported on Tuesday, citing an individual acquainted with the plan.
The audio-streaming big’s new plan, which will likely be an add-on for current customers, is prone to price $5 extra per 30 days for entry to raised audio and contemporary instruments for creating playlists and managing tune libraries, the report stated.
Spotify declined to remark. Shares of the Swedish firm rose almost 1% in early U.S. buying and selling.
The report comes every week after the corporate raised costs for its premium plans in the US, in a push to spice up margins, after it reined in advertising prices.
The brand new tier’s pricing will fluctuate as per every consumer’s base plan however it’s anticipated to common out to a couple of 40% markup, the report stated, including the upgraded subscribers will get entry to Spotify’s high-fidelity (HiFi) audio.
In 2021, Spotify introduced the HiFi audio function to let premium subscribers in choose markets improve their sound high quality, however in response to the report its rollout was delayed.
Spotify’s premium subscribers rose by 14% to 239 million within the first quarter ended March 31 from a yr earlier. It forecast month-to-month lively customers at 631 million for the second quarter.
