LONDON: Spotify plans to raise prices across multiple markets as part of its strategy to boost profitability and roll out new features, the Financial Times reported on Sunday, citing Co-President and Chief Business Officer Alex Norström.
The streaming giant aims to reach 1 billion users globally, with Norström noting that the price hikes will be accompanied by fresh services and feature upgrades.
Earlier this month, Spotify confirmed that from September, the monthly cost of its Premium Individual plan would rise from €10.99 to €11.99 ($14.05) in several regions, including South Asia, the Middle East, Africa, Europe, Latin America, and Asia-Pacific.
“Price increases and price adjustments are part of our business toolbox, and we’ll do it when it makes sense,” Norström told the newspaper.
Spotify did not immediately respond to a Reuters request for comment.
