(Reuters) – Spotify Technology said on Monday it was raising the prices for its premium plans by $1 each in the United States, as the music streaming company looks to boost profitability in an uncertain economy.
Spotify, which competes with rival services from Apple and Amazon.com, has been under pressure to focus on profitability over user growth as recession-wary customers cut down on unnecessary spending.
The cost of Spotify’s ad-free premium plans would now all be priced at an additional $1 with the premium single at $10.99, duo $14.99, family $16.99 and the student costing $5.99.
Shares of the company were up more than 1% in trading before the bell.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shailesh Kuber)
