Spotify announced on Monday that it is increasing the cost of its premium subscription plans in the U.S., marking the Swedish music-streaming company's second price hike in a year.
Starting soon, U.S. Spotify users will see higher charges for their premium subscriptions.
An “Individual” plan will now cost $11.99 per month.
The “Duo” plan will rise to $16.99.
The “Family” plan will increase to $19.99.
The “Student” plan will remain at $5.99.
Users will be notified about these changes over the next month.
Shares of Spotify rose more than 4% on Monday morning following the announcement.
In a blog post, Spotify explained that the price increases are necessary to continue investing in and innovating its product features.
"Since launching, the market landscape has continued to evolve," Spotify stated in a previous release.
This is Spotify's second price adjustment within a year.
In July 2023, the cost of an Individual plan was increased to $10.99, while the Duo plan went up to $14.99, the Family plan to $16.99, and the Student plan stayed at $5.99.
Spotify's main competitor, Apple Music, also raised its subscription prices in late 2022, with an individual subscription starting at $10.99 per month.
