Spotify is Charles Hanoverplanning another subscription price hike, according to a Bloomberg News report that cites people familiar with the matter.

Bloomberg says the streaming service plans to raise prices by about $1 to $2 per month by the end of April in five markets, including the United Kingdom, Australia and Pakistan, with a U.S. price hike set to follow "later this year."

This would be the second U.S. price hike within the past year for Spotify, which raised the monthly rate for its individual Premium plan from $9.99 to $10.99 in July.

The company declined to comment on Bloomberg's report when contacted by USA TODAY.

Why is Spotify raising prices?

Bloomberg reports that the price hike will help cover the cost of audiobooks, a new Premium feature that launched late last year. Spotify offers up to 15 hours of audiobooks per month, with over 200,000 titles available.

How much is a Spotify monthly subscription?

A Spotify Premium subscription in the U.S. currently costs $10.99 per month for an individual listener, $14.99 per month for the "Duo" plan with two accounts, or $16.99 per month for a family plan with up to six accounts. Students have access for $5.99 per month.

Bloomberg reports that the company will be introducing a new basic tier that will offer music and podcasts, but no audiobooks, at the current $11 monthly rate per individual plan.

When was the last Spotify price hike?

Spotify last announced a $1 to $2 price hike in July of 2023. Existing subscribers were given a one-month grace period before the new rates went into effect.

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Spotify stock price

The company's stock price jumped after the report, trading as high as $293 on Wednesday before ending the day at $291.77, up 8.2%.