Spotify flags price rises as it introduces new services, FT reports
SPOTIFY will raise prices as it invests in new features and targets 1 billion users, the Financial Times (FT) reported on Sunday, citing the music streaming provider鈥檚 Co-President and Chief Business Officer Alex Norstrom.
The increases would be accompanied by planned new services and features, the FT cited Norstrom as saying in an interview.
Spotify did not immediately respond to a Reuters request for comment.
Earlier in August, the Swedish firm said it would the monthly price of its premium individual subscription in some markets from September, as it looks to improve profit margins.
It said the price will rise to 鈧11.99 ($14.05) from 鈧10.99 in markets including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.
鈥淧rice increases and price adjustments and so on, that鈥檚 part of our business toolbox and we鈥檒l do it when it makes sense,鈥 Norstrom told the newspaper.
Price increases combined with cost-cutting efforts in recent years helped Spotify achieve its first annual last year. 鈥 Reuters
