Spotify raises prices for its premium plans across several countries

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Spotify Technology on Monday raised prices for its premium plans

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 across several countries including the United States and United Kingdom,

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as the music-streaming company looks to boost profitability in an uncertain economy.

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The move will result in a $1 price increase for Spotify’s U.S. plans

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with the premium single now starting at $10.99,

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, duo at $14.99, family at $16.99 and the student plan at $5.99.

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Spotify has moved in recent months to boost margins with hundreds of layoffs

a restructuring of the podcast unit,

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which it had built up with billions of dollars in investment.

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