Spotify Technology SA plans to raise the price of its popular audio service in several key markets for the second time in a year, a crucial step toward reaching long-term profitability.

The streaming giant will increase prices by about US$1 (RM4.74) to US$2 (RM9.48) a month in five markets by the end of April, including the UK, Australia and Pakistan, according to people familiar with the matter. It will raise prices in the US, its largest territory, later this year, said the people, who asked not to be identified discussing confidential plans.