(Reuters) -SPOTY will increase prices because it will invest in new features and target 1 billion users, the Financial Times reported on Sunday, quoting the co -president and business director of the music supplier Alex Norstrom on Sunday.
The increases would be accompanied by new services and features planned, said the FT Cité Nortrom in an interview.
Spotify did not immediately respond to a request for comments from Reuters.
Earlier in August, the Swedish company said that it would increase the monthly price of its premium individual subscription on certain markets from September because it seeks to improve the beneficiary margins.
He said the price would drop to 11.99 euros ($ 14.05), going from 10.99 euros on markets, including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
“Price increases and pricing adjustments and so on, that is part of our commercial toolbox and we will make it when it will make sense,” Norstrom in the newspaper told.
Price increases combined with cost reduction efforts in recent years have helped Spotify achieve its first annual benefit last year.
(1 $ = 0.8536 euros)
(Report by Harshita Meenaktshi in Bengaluru; edition by Christopher Cushing)
