Spotify Signals Price Increases, New Features
- tech360.tv
- Aug 25
- 1 min read
Music streaming organisation Spotify plans to raise prices as it invests in new features and targets 1 billion users, the Financial Times reported on Sunday, citing Co-President and Chief Business Officer Alex Norstrom. The price increases will accompany planned new services and features.
The Swedish organisation previously stated in August that it would increase the monthly cost of its premium individual subscription in some markets from September. This move aims to improve profit margins.
Spotify said the price will increase to 11.99 euros ($14.05) from 10.99 euros. This adjustment affects markets including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.
Norstrom told the newspaper that price increases and adjustments form part of the organisation’s business approach, to be implemented when appropriate. These price increases, combined with cost-cutting efforts in recent years, contributed to Spotify achieving its first annual profit last year.
Spotify plans to raise prices and introduce new services.
The organisation aims to reach 1 billion users.
Monthly premium individual subscriptions will increase to 11.99 euros (USD 14.05) in several markets.
Source: REUTERS