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Spotify is preparing to increase its subscription prices as part of a broader strategy to expand its services and reach 1 billion users, the *Financial Times* reported. According to the streaming giant’s Co-President and Chief Business Officer Alex Norstrom, the price hikes will accompany new features and services designed to enhance user experience.
In recent months, Spotify has already begun adjusting prices in several markets, including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. The company’s premium individual subscription will rise from €10.99 to €11.99 ($14.05) starting in September, reflecting efforts to improve profit margins.
“Price increases and adjustments are part of our business toolbox, and we’ll use them when it makes sense,” Norstrom told the *Financial Times*. The strategic move comes after Spotify achieved its first annual profit last year, partly due to cost-cutting measures and previous price adjustments.
Spotify did not immediately respond to Reuters’ request for comment. However, the company’s push for new services and user growth aligns with its ambition to become a leading global entertainment platform.
With competition in the streaming industry intensifying, Spotify’s focus on innovation and profitability signals a bold step toward long-term growth. The planned price changes and new features are expected to further solidify the platform’s position in the market.
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