Spotify is planning major price increases across markets outside of the US this summer as it looks to boost profits, the Financial Times reported, citing unnamed sources.

Prices could rise by the equivalent of one euro for individual subscriptions in countries across Europe and Latin America as early as June, the report said.

Prices in the US, Spotify’s largest market, will not go up after an increase last June, according to the FT‘s sources.

Premium plans

It has quietly raised prices in countries such as the Netherlands and Luxembourg in recent weeks and the push will intensify this summer, the report said.

The newspaper said Spotify is exploring ways of accelerating profits after a slowdown in the streaming industry’s initial decade of expansion.

Music companies have been pressuring streaming companies such as Spotify and Apple Music to raise prices, as they seek greater profits, and this pressure is a factor in this year’s planned increases, according to the paper.

Streaming companies including Spotify are considering adding a premium tier that would charge extra for early access to music, according to people familiar with discussions between streaming groups and music companies.

Spotify is also considering a “super-premium” tier that could provide early access to concert tickets.

Earlier reports suggested Spotify is considering a “super-premium” tier costing an extra $6 (£4.50) per month in the US on top of the $11 per month it charges there.

‘Streaming 2.0’

Apple, Amazon and YouTube are also reportedly preparing premium versions of their music streaming services.

Universal Music Group chief executive Lucian Grainge told investors last September that “streaming 2.0” would see the value of streaming “grow enormously”.

Spotify declined to comment on the report.

The Stockholm-based streaming company’s stock price has more than doubled in the past year as it has delivered profits as well as subscriber growth.