Spotify announced that it will increase the monthly price of its premium individual subscription in several regions starting in September. The cost will rise from 10.99 euros to 11.99 euros per month in areas such as South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. Subscribers will be notified about the change via email over the next month. The move comes as Spotify aims to improve its profit margins, following a recent earnings forecast that fell short of analyst expectations due to higher taxes on employee salaries. The company's shares responded positively, rising about 3 percent in premarket trading and showing a 40 percent increase so far this year.