Spotify will increase the price of its monthly premium subscription in certain markets in a bid to improve its financial situation.

Starting in September, Spotify will increase the price of an individual subscription from €10.99 to €11.99 in markets such as South Asia, the Middle East, Africa and Europe. The company justifies the decision by the need to innovate and improve the user experience. Spotify shares rose 3% before the markets opened, having risen 40% this year, despite profit forecasts below analysts' estimates.