(Reuters) -Spotify ( SPOT ) will raise its U.S. subscription prices in the first quarter of next year, the Financial Times reported on Monday, citing three people familiar with the matter.

The Swedish streaming giant said in August it would raise prices to 11.99 euros ($13.82) per month from 10.99 euros in markets including South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region.

But next year's hike would be the first price increase in the United States since June 2024.

Spotify ( SPOT ) did not immediately respond to a Reuters request for comment.

The company has leaned on price increases in recent years to drive earnings growth, confident that its ubiquity ensures users stick around. It raised the cost of its premium individual plan in more than 150 markets in the September quarter.

Spotify ( SPOT ) forecast fourth-quarter profit above Wall Street expectations earlier this month, betting on robust user growth and a boost from price hikes in the crucial holiday season.

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