10:08 AM EDT, 04/03/2024 (MT Newswires) -- Spotify Technology ( SPOT ) intends to increase subscription prices in five countries, including the UK, Australia, and Pakistan, by $1 to $2 per month by the end of April, Bloomberg reported Wednesday, citing sources with knowledge of the matter.

The audio-streaming company also plans to introduce a new subscription tier at the current premium plan price of $11, which will exclude audiobooks, according to the report.

Prices for customers in the US are expected to rise later this year, the sources reportedly said.

Spotify ( SPOT ) declined comment to MT Newswires.

Shares of the company were up 6.3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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