Spotify is planning to increase its monthly subscription prices for the second time in less than a year.
The audio streaming service will raise the cost of an individual plan to $11.99 per month, up by $1, starting in July. The duo plan, allowing two people to share a premium plan, will see a $2 increase to $16.99 per month, while the family plan will go up by $3 to $19.99 per month.
The $5.99 student subscription will remain unchanged.
A statement on the company’s website stated that the price increase is necessary for Spotify to invest in product features and provide users with the best experience.
Subscribers will receive email notifications about the price adjustment, the company announced.
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Despite having recently raised prices, this marks only the second price increase for Spotify since its launch.
According to NBC News and other sources, CEO Daniel Ek informed investors in the latest earnings report that the company is consistently profitable. It was also reported that the subscription hikes are partly due to Spotify’s efforts to expand its audiobook service.