In an email sent out to some customers today, Spotify said the cost of a premium subscription would be increasing 7.7%

- Spotify plans to increase prices for its subscription tiers by up to $2 in five markets before raising prices in the US and Australia later this year - Individual plans will increase by $1 while family and duo plans will increase by $2 - Spotify will introduce a new $11 monthly subscription tier that offers music and podcasts without audiobooks - The price hikes will help Spotify cover the cost of audiobooks, a new service offered by the company - Spotify paid at least $9 billion to record labels, artists, and others last year - Other entertainment streaming services have also announced price increases, such as Amazon and Netflix