Spotify will raise costs as it invests in new options and targets 1 billion customers, the Financial Times reported on Sunday, citing the music streaming supplier’s Co-President and Chief Business Officer Alex Norstrom.
The will increase would be accompanied by deliberate new companies and options, the FT quoted Norstrom as saying in an interview.
Spotify did not immediately reply to a Reuters request for remark.
Spotify has said it would raise the month-to-month price of its premium particular person subscription in some markets next month. Roman Tiraspolsky – stock.adobe.com
Earlier in August, the Swedish firm said it would increase the month-to-month price of its premium particular person subscription in some markets from September, as it seems to be to improve revenue margins.
It said 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 area.
“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 advised the newspaper.
Price will increase mixed with cost-cutting efforts in current years helped Spotify obtain its first annual revenue last 12 months.
