Spotify to Increase Prices of Premium Plans in Pakistan

According to a credible source, Spotify plans to increase prices on its premium plans by about $1 to $2 per month in five markets. These include the UK, Australia, and Pakistan and the prices will be increased by the end of April.

The shares of Spotify in comparison to its competitors increased by more than 5%. Moreover, the company will increase prices in the US later this year. Moreover, it is also going to introduce a new basic tier that will offer music and podcasts, but not audiobooks.

The new basic tier is the first of the multiple new pricing options from Spotify, as per the report. Under the new pricing, individual plans will be increased by about $1 a month, while family plans along with duo plans for couples will be increased by $2, the report added.

Each month, Spotify offers premium plans including $10.99 for an individual, $14.99 for a duo, and $16.99 for a family in the U.S., as per the company’s website.

It is pertinent to mention here that Spotify offers an advertising-supported free service with limited features along with a subscription-based paid service that offers access to all its features, with premium subscribers accounting for most of its revenue. Therefore, a probable price hike could support a push for profitability at a time when the company is anticipating strong growth in subscribers.