Spotify Plans To Increase Subscription Prices In Several Countries

Spotify Technology SA plans to increase subscription prices (photo: dock. pexels)

Spotify Technology SA plans to increase subscription prices on its plan by around Rp. 15,985 to Rp. 31,970 per month in five markets including the UK, Australia, and Pakistan by the end of April. This was reported by Bloomberg News on Wednesday, April 3, citing sources familiar with the matter.

Shares from this Swedish music streaming service rose more than 5% in early trading. Spotify will also raise prices in the United States, its largest market, this year, according to the report.

The company will also introduce a new fundamental tier that will offer music and podcasts - but excluding audiobooks - at a monthly price of IDR 15,985, as reported.

This new fundamental Tier is the first of several new price options from Spotify, the report added. But Spotify declined to comment on the report, when contacted by the media.

Spotify CEO Daniel Ek said earlier in February that the company had "a lot of levers to pull, including price increases," adding that investing in podcasts was a burden for businesses in 2023.

On a monthly basis, the company offers premium packages including IDR 10,877 for individuals, IDR 23,977 for duo, and IDR 27,120 for families in the United States, according to the company's website.

With the new price, the individual plan will increase by around Rp. 15,985 per month, while the family plan and the duo plan for the pair will increase by Rp. 31,970, the Bloomberg report added.