Swedish music streamer Spotify is reportedly set to raise prices again as it invests in new features and targets 1 billion users, according to a report by the Financial Times (FT) on Sunday, which cited the firm's co-president and chief business officer, Alex Norstrom.
The increases would be accompanied by planned new services and features, the FT cited Norstrom as saying in an interview.
Spotify did not immediately respond to a request for comment from Reuters.
Earlier in August, the company announced that it would increase the monthly price of its premium individual subscription in some markets starting from September, as it seeks to improve its profit margins.
It stated that the price will rise to 11.99 euros ($14.05) from 10.99 euros 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," Norstrom told the newspaper.
Price increases combined with cost-cutting efforts in recent years helped Spotify achieve its first annual profit last year.
