Spotify subscription fees are increasing

Spotify, the world's most popular music streaming platform, has warned that its subscription fees will increase.

According to Ntv, the Financial Times, citing the music streaming provider's Co-Chairman and Chief Operating Officer Alex Norstrom, reported that Spotify will increase its prices as it invests in new features and reaches 1 billion users.

The increases will be accompanied by planned new services and features, Norstrom said in an interview, according to the FT.

The Swedish company announced in early August that it would increase its premium individual subscription fee in some markets starting in September in an effort to improve profit margins.

It was stated that the price will increase from €10.99 to €11.99 ($14.05) in markets in South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

"Price increases, price adjustments, etc., are part of our business tools, and we will do so when it makes sense," Norstrom told the newspaper.

Price hikes and cost-cutting efforts in recent years helped Spotify turn an annual profit for the first time last year.

Source: News Center