"Spotify Plans Price Hike and New Subscription Options"

Spotify plans to raise the price of its paid-subscription service in several overseas markets by $1 to $2 a month by the end of April 2024, with the U.S. to follow later this year. The company, which faces profitability challenges due to high royalty payouts, aims to cover the cost of audiobooks and introduce new pricing tiers, including a "supremium" plan for high-fidelity audio. Despite facing limited success in video and podcasts, Spotify's confidence in raising prices stems from the success of last year's price increase and its position as the world's largest paid subscription service with 236 million paying customers.