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Spotify is raising subscription prices for the second time in a year.  Bloomberg reports that Spotify plans to  in five major markets by the end of the month. are among the five major markets, with the other two yet to be named. Singapore, for now at least, appears to be spared. The US, however, is not so lucky and will see a price hike "later this year". According to the Bloomberg report, the raising of subscription prices will in the music streaming service. On top of that, Spotify will also that does not include audiobooks. Audiobooks have become an important component of Spotify's business. Spotify CEO Daniel Ek said during a recent earnings call that , trailing only Audible. This is the second time in a year that Spotify has raised subscription prices. On 24 July 2023, . It justified the price adjustment by stating it is necessary for the company to "keep innovating" and "deliver value to fans and artists". There are also rumours that say Spotify plans to unveil that would include features like lossless audio and Dolby Atmos. For years, Spotify has said that to its users but has yet to do so. Its biggest rival, Apple, on the other hand, introduced lossless music as a no-cost upgrade to  . Source:  via