Logo via Spotify

Spotify will reportedly raise its subscription rate for listeners in the United States, United Kingdom and Australia again, according to a Bloomberg report. Following a price hike last July, the latest markup will see users paying an additional $1 to $2 a month. The increase will take effect in the US at an undisclosed date later this year, and will apply in the United Kingdom and Australia by the end of April.

Individual monthly plans will increase by $1 to a total $11.99 per month, while family and duo plans for couples will rise by $2 to $16.99 and $18.99, respectively. Bloomberg shares that the streaming platform’s higher prices will cover the costs of audiobooks, a service introduced to the platform last year, which premium members can access for no additional costs for up to 15 hours a month. The update will also feature a new basic tier for music and podcasts at the price of a current individual premium plan at $10.99 a month. Users will have to pay additional fees for audiobooks, which are excluded from the plan. 

This increase follows the company’s first ever price hike last July, in which service prices increased $1 to $2 for individual and family plans. The rising cost signifies the streaming giant’s continued attempts to collect a profit, as they have reported steady losses year over year since 2018, paying 70% of their profit in royalties to the music industry. Spotify has since attempted to reduce their stake in music by turning to podcasts and audiobooks, which the company states podcasts will turn a profit this year. 

Spotify, alongside other streaming services such as Apple Inc. and Amazon.com Inc., are also discussing ways to generate money from fans who are willing to shell out in support of their favorite artists. This possible update includes the option of paying more for early-access music releases. However, streaming services are reluctant to significantly alter their ‘all you can listen to’ platforms.

In other news, Neil Young and Joni Mitchell recently returned to the independent streaming giant after two years away. Fans can celebrate this renewed access by listening to the recently released Joni Mitchell Archives, Vol. 3: The Asylum Years (1972-1975) here.