Spotify Technology on Monday raised the prices of its premium plans in several countries, including the US and UK, as the music streaming company looks to extend profitability in an uncertain economy.
The move will increase the price of Spotify’s US plans by $1, with a premium single now starting at $10.99, a duo from $14.99, a family from $16.99, and a student plan from $5.99.
In recent months, Spotify has taken steps to spice up margins with lots of of layoffs and a restructuring of its podcast division, which it has built with billions of dollars in investments.
The worth increase comes at a time when streaming services, each audio and video, are under increasing pressure from investors to spice up profitability after years of prioritizing user growth.
Rival services Apple, Amazon and Tidal have increased prices this yr, while YouTube also increased prices last week on its monthly and annual US premium plans for the first time since the subscription service launched in 2018.
![Spotify logo](https://nypost.com/wp-content/uploads/sites/2/2023/07/NYPICHPDPICT000007115179.jpg)
Spotify, which in April said it might raise prices in 2023, also raised prices in 46 countries last yr.
The Swedish company is attributable to report second-quarter results on Tuesday. Shares fell 5% on Monday.