Spotify

Reuters

Spotify is apparently going to test out raising its prices in Sweden, Norway and Denmark.

Sources have told Bloomberg that the music streaming service is looking to increase the price of its family plan by about 13% in the Nordic region.

However, the sources said the trials did not necessarily mean that Spotify was planning to raise its prices in other countries or to make the family plan permanently more expensive in Scandinavia.

Spotify is currently the largest paid music streaming service in the world. It has long been criticised by the music industry for not paying out enough in royalties.

Raising its prices would theoretically enable Spotify to pass on the returns to the music industry, but the company is also still losing money as it tries to attract more people to on-demand streaming.

Swedish music streaming service Spotify has become the first to reach 100 million paying subscribers. The firm raked in nearly $1.7bn in the first three months of this year.

It comes a year since it started selling its shares in New York and despite fierce competition from the likes of Apple, Amazon and Google.

Matus Maar is co-founder and managing partner at Talis Capital and co-founder of Pirate Studios and says innovation has been key.

Spotify

"The other titbit in these results is the success of the Indian launch," writes Nicholas Hyett.

Spotify only launched its India service at the end of February, with a bunch of bespoke playlists.

Now it has 2 million users in the country.

"With customers outside Europe and the America’s accounting for just 10% of subscribers, the potential in cracking such a populous and potentially high-growth country would be huge," Hyett adds.