Jakarta - Spotify will introduce a new, more expensive package for its loyal users later this year. This was first reported by Bloomberg News on Tuesday, June 11, citing a source familiar with the plan.
This new package from the audio-streaming giant, which will be an addition to existing users, is expected to increase the cost of $5 per month for better audio access as well as new tools to create playlists and manage song libraries.
Spotify declined to comment on the report. The Swedish company's shares rose nearly 1% in early trading in the US.
The report comes a week after the company raised prices for its premium package in the United States, in a bid to increase the profit margin, after withholding marketing costs.
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The price of this new package will vary according to the basic package of each user, but it is expected to increase by an average of about 40%, according to the report. The report also adds that customers who upgrade their plans will gain access to Spotify's high-fidelity (HiFi) audio.
In 2021, Spotify announced its HiFi audio feature to let premium subscribers in certain markets improve the quality of their voices, but according to reports, the launch is delayed.
Spotify premium subscribers increased by 14% to 239 million in the first quarter ending March 31 compared to the previous year. Spotify expects monthly active users to reach 631 million for the second quarter.
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