(Reuters) -Spotify said on Monday it would increase the monthly price of its premium individual subscription in select markets from September, as the Swedish streaming giant looks to improve margins.
The subscription price will rise to 11.99 euros ($13.86) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.
Over the next month, subscribers will receive an email explaining the price increase.
Shares of Spotify rose about 3% in premarket trading. They have risen about 40% so far this year.
Last month, the company forecast its quarterly profit below analysts’ estimates, as higher taxes related to employee salaries outweighed music streaming demand.
($1 = 0.8650 euros)
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar)
