Spotify announced on Monday 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.
U.S. Spotify users will be notified about the new change to their subscription over the next month.
Shares of Spotify were up more than 5% in premarket trading Monday.
For users in the U.S., an “Individual” plan will cost $11.99. A “Duo” plan will cost $16.99, and a “Family” plan will cost $19.99. The “Student” plan will still cost $5.99.
Spotify said it is raising prices so the company can “continue to invest in and innovate on our product features,” according to a blog post.
In July 2023, Spotify increased the price of its Individual offering to $10.99. It also increased the prices of its Duo plan, Family plan and Student offering to $14.99, $16.99 and $5.99, respectively. The company said the market landscape has “continued to evolve” since Spotify launched, according to a release at the time.