Spotify saw massive operating losses for 2020, with the amount quadrupling year-over-year compared to 2019. While the platform saw a 24 percent increase in premium subscribers last year, the company is not expecting that type of growth to continue. Spotify CEO has now indicated that price increases will be part of the company’s future growth strategy, calling it one of “three legs to the stool.”

“One, we can improve our product proposition. Two, we can launch in new markets and three, we can raise prices,” Ek reportedly told investors, according to Music Business Worldwide. He also explained that the company hasn’t been trying to increase prices until recently, as Spotify has been focused on improving product propositions and launching in new markets.

Although Ek plans on increasing prices, he does not view this step as an indication that Spotify is running out of a user base, and doubled-down on his claim that Spotify is a “multi-billion user opportunity” in the long-term. Spotify is currently looking into a number of different features, including a method to monitor speech to suggest new music.

“We’re trying to optimize for growth and there’s three ways to grow,” Ek explained. “We’re now adding the third part of the stool here as well, but I don’t think you should read into that, that growth has peaked. It is more that we’re now flexing our muscles and adding that third part, too.”

Ek attracted controversy last year following comments made about artist royalties, which led to a large number of responses from across the music industry. Check out mxdwn’s recap of the incident and the top news stories of 2020 here.