Spotify raises US prices of its premium plans in bid to push margin

Spotify raised prices for its premium plans in the United States on Monday, the latest step by the Swedish music-streaming service in its push to increase margins.

On a monthly basis, Spotify has raised prices of its individual plan to $11.99 from $10.99, duo plan to $16.99 from $14.99 and its family plan to $19.99 from $16.99 in the US.

Spotify has been trying to boost its margins in recent months by lowering marketing spending and through layoffs, after relying on promotions and hefty investments to drive user growth.