Spotify hikes premium plan prices in the US.

(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)

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