Spotify Technology SA (NYSE:SPOT) saw its stock climb 5.4% following news that the company intends to increase prices for its Premium subscription service in several international markets. The streaming leader outlined plans to raise Premium subscription fees within the next month across regions such as South Asia,

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.

The streaming giant revealed plans to raise Premium subscription prices over the next month in regions including South Asia, the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region. Current Premium subscribers in these markets will be notified via email about the changes to their subscription rates.