Spotify Technology on Monday, increased the cost of its premium plans in a number of countries, including the US and the UK.
This is being done as the music streaming service seeks to increase profitability in a shaky economic climate.
Due to the change, Spotify’s U.S. plans will cost $1 more; the premium single now costs $10.99, the duet $14.99, the family $16.99, and the student plan $5.99.
With hundreds of layoffs and a restructure of the podcast division, which it had invested billions of dollars in building up, Spotify has taken action in recent months to increase margins.
The price rises coincide with increased investor pressure on streaming services, both audio and video, to increase profitability after years of putting user growth first.
YouTube likewise raised costs this week on its monthly and annual premium plans in the U.S. for the first time since the subscription service’s inception in 2018. Competitor services from Apple, Amazon, and Tidal have all boosted prices this year.
