Money-losing Spotify to jack up prices in several key markets for the second time in a year

Spotify plans to jack up the price of its audio service in several key markets for the second time in a year, at it attempts to reach long-term profitability. Under the new pricing, individual plans will go up by about $1 a month, while family plans and so-called duo plans for couples will rise by $2.
Lucas Shaw and Ashley Carman for Bloomberg News:
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[Spotify] will increase prices by about $1 to $2 a month in five markets by the end of April, including the UK, Australia and Pakistan, according to people familiar with the matter. It will raise prices in the U.S., its largest territory, later this year, said the people, who asked not to be identified discussing confidential plans.
The Swedish audio company is also going to introduce a new basic tier that will offer music and podcasts — but not audiobooks — for the current $11 monthly price of an individual premium plan, said the people. Users of that plan will need to pay for audiobooks.
The new basic tier is the first of what will be several new pricing options from Spotify. The company has also been working on a “supremium” plan, which would charge customers a higher price for access to high-fidelity audio, among other features, as Bloomberg reported last year…
[T]he company has lost money every year since it went public in 2018…

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MacDailyNews Take: Spotify offers inferior audio quality and no spatial audio for more money than Apple Music. No wonder Spotify isn’t profitable.
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