The increases would be accompanied by planned new services and features, the FT cited Norstrom as saying in an interview.

Spotify did not immediately respond to a Reuters request for comment.

Earlier in August, the Swedish firm said it would increase the monthly price of its premium individual subscription in some markets from September, as it looks to improve profit margins.

It said the price will rise to €11.99 from €10.99 in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

“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 told the newspaper.

Price increases combined with cost-cutting efforts in recent years helped Spotify achieve its first annual profit last year.