Spotify Announces Second Price Hike and New Subscription Options

Spotify plans to raise subscription prices in several markets, including the UK, Australia, and Pakistan, with individual plans increasing by $1 per month and Duo and Family plans rising by $2. Additionally, a new "Basic" tier will be introduced, offering music and podcasts without audiobooks, priced at $11 per month. The company aims to generate higher revenue from audiobook consumption and is rumored to be working on a "Supremium" tier with 24-bit lossless audio and AI-generated custom playlists. These changes come as Spotify shifts its royalty payment model to be more artist-centric and seeks to drive $1 billion in revenue toward emerging and professional artists over the next five years.