(Reuters) -Spotify Technology on Monday raised prices for its premium plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy.
The move will result in a $1 price increase for Spotify (NYSE:SPOT)'s U.S. plans, with the premium single now starting at $10.99, duo at $14.99, family at $16.99 and the student plan at $5.99.
Spotify has moved in recent months to boost margins with hundreds of layoffs and a restructuring of the podcast unit, which it had built up with billions of dollars in investment.
The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth.
Rivals services from Apple (NASDAQ:AAPL) and Amazon.com (NASDAQ:AMZN) and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service was launched in 2018.
Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.
The Sweden-based company is due to report its results for the second quarter on Tuesday.