08:54 AM EDT, 06/11/2024 (MT Newswires) -- (Updates to include additional details, a request for comment and the stock move in the second to fifth paragraphs.)

Spotify Technology ( SPOT ) will unveil a new plan later this year that would charge at least $5 more per month for access to better audio and new tools for creating playlists and managing song libraries, Bloomberg reported Tuesday, citing a person familiar with the plan.

The new option will be an add-on for existing customers, meaning most of them will remain on their current plans, but those who opt to upgrade will provide the company and its business partners with additional sales, the report said.

The pricing of the new tier will depend on a user's base plan but will average out to a markup of 40%, the report quoted the source as saying.

The company didn't immediately respond to a request for comment from MT Newswires.

Spotify ( SPOT ) shares were up 2% in recent Tuesday premarket activity.

(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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