Bloomberg: Spotify reportedly set to raise prices

(CNN)– You are going to have to open your wallet a bit wider to stream music on Spotify.

A new Bloomberg report says Spotify has plans to increase prices in the U.S. as well as in several overseas markets.

Individual plans are expected to jump by about $1 a month. However, family plans will rise by $2.

The report also says Spotify will be introducing new pricing tiers including the possibility of a service that offers higher audio quality.

The U.S. price increase is expected to go into effect later this year.