Spotify is to raise the price of its main monthly subscription plan as it became the latest streamlining business to pass increases onto customers.

The Sweden-based music streaming firm said its single-account premium plan will see its price rise in several countries including the UK for the first time since 2011, while other plans will also see increases.

Its UK subscriptions will increase by £1 each month, taking its individual plan up to £10.99 a month.

Its premium duo plan will be hiked to £14.99 and its family plan to £17.99, while its student service will remain at £5.99 a month.

Spotify has said subscribers in the US, Australia and other countries will also face similar price increases.

It comes as streaming firms come under pressure to boost their profits as many customers reduce their number of subscriptions in the face of the tighter household budgets.

The technology firm revealed plans to cut around 600 jobs and a restructuring of its podcast operation earlier this year as it sought to reduce costs.

On Tuesday, the company also hailed a “very strong” performance over the second quarter of 2023.

Spotify said its number of monthly active users grew by 27% to 551 million for the quarter compared with the same period last year, surpassing analyst expectations.

Meanwhile, total revenues grew by 11% to 3.17 billion US dollars (£2.47 billion).