June 3 Reuters Spotify raised prices for its premium plans in the United States on Monday, the latest step by the Swedish musicstreaming service in its push to increase margins.

The company raised prices of its individual plan to 11.99 from 10.99 per month, duo plan to 16.99 from 14.99 and its family plan to 19.99 from 16.99 in its largest market by revenue.

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.

Shares of the company, which competes with services from Apple AAPL.O, opens new tab and Amazon.com AMZN.O, opens new tab, rose more than 4 in morning trading.

We39;re increasing the price of Premium Individual so that we can continue to invest in and innovate on our product offerings and features, Spotify said in an email, which it plans to send to its subscribers in the U.S. over the next month.

Spotify39;s revenue in the United States grew nearly 11 to 5.23 billion euros 5.69 billion in 2023, according to its annual report.

The company offers an advertisingsupported free service with limited features and a subscriptionbased paid service that gives access to all its functionality, with premium subscribers accounting for most of its revenue.

Analysts expect the streaming giant could drive further growth by offering tailored subscription plans based on consumer preferences in verticals such as music, audiobooks and podcasts….