Spotify will increase subscription prices, accompanied by new services, to improve profitability and expand its subscriber base.

Alex Norström, co-president of Spotify, said the price hikes are now part of the company's strategy, which focuses on profitability. Although they started raising prices two years ago, Spotify promises to add new services for users. Recently, the company announced price hikes in certain countries, and shares have risen nearly 10%. Despite the price hikes, the number of subscribers has increased by 12% to 276 million, and Norström is aiming to reach one billion users.