Spotify is set to raise its music streaming prices as the company invests in new features and aims to reach 1 billion users, according to the Financial Times, citing co-president and CEO Alex Norström. The planned increases will be accompanied by new services and functionalities, Norström revealed in his interview with the FT.

Earlier in August, the Swedish company announced that premium subscription prices would rise in select markets starting in September, as Spotify seeks to improve its profit margins.

The premium monthly subscription will increase from €10.99 to €11.99 in regions including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific.

“Price increases and adjustments are part of our business toolkit, and we will apply them when it makes sense,” Norström stated.

The combination of subscription price hikes and recent cost-cutting efforts helped Spotify achieve its first annual profit last year. With new features in the pipeline and an ambitious growth target, the company is positioning itself to expand while sustaining profitability.