Spotify Announces Price Hike to Fund Audiobook Expansion

The music streaming giant aims to bolster its financial performance and enhance audio offerings with new subscription rates and strategic hires.

Spotify plans to raise its premium subscription prices by $1 to $2 per month across several markets, including the U.S., U.K., Australia, and Pakistan.
The price hikes are intended to help fund Spotify's audiobook offerings and other new features, following its significant investment in audiobooks.
Spotify has appointed Christian Luiga as its new CFO, amid efforts to improve its financial performance and expand its audio offerings.
The company reported a 20% increase in revenue to $3.38 billion and a narrower loss in the last quarter of 2023, alongside a global workforce reduction of 17%.
Spotify's stock has more than doubled since the start of the year, reflecting positive investor sentiment towards its growth and strategic initiatives.