The Financial Times says that Spotify warns of price increases as it adds new services

The Financial Times reported on Sunday that Alex Norstrom, the co-president and chief business officer of the music streaming service Spotify (SPOT.N), may boost rates as it invests in new features and aims to reach one billion subscribers.

According to Norstrom’s interview with the FT, the increases would be complemented by planned new services and features.

A request for comment from Reuters was not immediately answered by Spotify.

In an effort to boost profit margins, the Swedish company announced earlier in August that it will raise the monthly cost of its premium individual subscription in some areas starting in September.

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

“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 said in the newspaper.

Last year, Spotify made its first annual profit thanks to a combination of price rises and cost-cutting measures in recent years.