Spotify will raise prices as it invests in new features and targets 1 billion users, the Financial Times reported on Sunday, citing the music streaming provider’s Co-President and Chief Business Officer Alex Norstrom.

The increases would be accompanied by planned new services and features, the FT quoted Norstrom as saying in an interview.

Spotify did not immediately respond to a Reuters request for comment.

Spotify has said it would raise the monthly price of its premium individual subscription in some markets next month. Roman Tiraspolsky – stock.adobe.com

Earlier in August, the Swedish firm said it would increase 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 11.99 eur

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