Spotify will raise prices as music giant introduces new features, eyes 1 billion users: report
According to the Financial Times, Spotify is planning to raise prices as it invests in new features and aims to reach 1 billion users. Co-President and Chief Business Officer Alex Norstrom shared this information in an interview.
Norstrom mentioned that along with the price increase, Spotify will introduce new services and features to enhance the user experience.
As of now, Spotify has not responded to a request for comment from Reuters.
In August, Spotify revealed its plans to raise the monthly price of its premium individual subscription in certain markets from September to improve profit margins.
The price adjustment will see an increase from 10.99 euros to 11.99 euros ($14.05) in regions such as South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific area.
“Price increases and adjustments are part of our business strategy, and we implement them when necessary,” noted Norstrom in the interview with the newspaper.
By combining price increases with cost-cutting measures over the past few years, Spotify managed to achieve its first annual profit last year.
