Spotify Plans Price Hike Due to Audiobooks Influence

Spotify is raising its prices by $1 to $2 a month in several markets, with U.S. subscribers set to see the increase later this year, reportedly to cover the cost of offering audiobooks. The streaming service added audiobooks last year and is now looking to introduce a basic tier for music-only users at the current price, with an option to add audiobooks for an extra fee. This price hike follows a similar increase last year and mirrors similar moves by other streaming services, as households are spending an average of $61 a month on streaming services, a 27% increase from last year.