Spotify flags price rises as it introduces new services: Financial Times
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Spotify's price increases would be accompanied by planned new services and features, says its co-president Alex Nordstrom.
PHOTO: REUTERS
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STOCKHOLM - Spotify will raise prices as it invests in new features and targets one billion users, the Financial Times reported on Aug 24, citing co-president and chief business officer Alex Norstrom.
The increases would be accompanied by planned new services and features, the FT cited Mr Norstrom as saying in an interview.
Reuters could not immediately verify the report.
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 (S$18) from €10.99 in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
“Price increases and price adjustments and so on, that’s part of our business toolbox and we’ll do it when it makes sense,” Mr Norstrom told the British newspaper.
Price increases combined with cost-cutting efforts in recent years helped Spotify achieve its first annual profit last year. REUTERS
