LONDON: Spotify will increase prices while investing in new features as part of its strategy to reach one billion users worldwide.
The Financial Times reported this development on Sunday, citing comments from Spotify’s Co-President and Chief Business Officer Alex Norstrom.
These price adjustments will accompany planned new services and features according to the newspaper’s interview with Norstrom.
Spotify did not immediately respond to a Reuters request for comment regarding these reported changes.
Earlier in August, the Swedish streaming company announced it would increase monthly prices for premium individual subscriptions in several markets starting September.
The price will rise to 11.99 euros from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
Norstrom told the Financial Times that “price increases and price adjustments and so on, that’s part of our business toolbox and we’ll do it when it makes sense.”
Recent price increases combined with cost-cutting measures helped Spotify achieve its first annual profit last year. – Reuters
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