Spotify is set to increase its monthly subscription price in the US by $1 as part of its efforts to achieve consistent profitability. The price hike is expected to be announced next week for US subscribers, with similar increases planned for other markets globally in the coming months. Since 2011, Spotify has maintained its $9.99-per-month ad-free Premium plan in the US, but after the hike, users will need to pay $10.99 per month for the premium service. Spotify CEO Daniel Ek has previously mentioned the possibility of raising prices in response to competitors such as Apple Music. The company believes that when competitors increase their prices, it benefits Spotify.
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