Spotify announced on Monday that it will raise the prices of its premium plans in several countries including the United States, the United Kingdom, France, Mexico, and Canada, as the music streaming company looks to boost profitability in an uncertain economy.

This move will lead to an increase of $1 or $2 in local currency for the company's plans in the United States and Canada, with the reduced student subscription rising by $1 to $5.99, the individual premium subscription increasing by the same amount to $10.99, the "duo" plan for two people increasing by $2 to $14.99, and the family subscription, which can be shared by several members of the same household, ranging from $15.99 to $16.99.

Spotify has taken steps in recent months to enhance margins with hundreds of layoffs and a restructuring of its podcast unit, built with billions of dollars in investments.

The price increases come at a time when streaming services, both audio and visual, are facing increasing pressure from investors to improve profitability after years of prioritizing user growth.

All competing services including Apple, Amazon.com, and Tidal have raised prices this year, while YouTube also made adjustments to its monthly and annual premium pricing in the United States for the first time since launching its subscription service in 2018.

Spotify, which indicated in April that it would raise prices in 2023, also increased prices in 46 countries last year.

The company, based in Sweden, reported quarterly earnings early Tuesday morning showing that it added 27% more customers to reach 551 million worldwide, but its quarterly losses widened to €302 million.