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Spotify is hiking its prices AGAIN - here's how much you will have to pay
Spotify is hiking its prices for the second time in a year.
The music streaming giant announced Monday that the cost of its 'Individual' ad-free premium subscription plans in the US will go up by $1 a month to $11.99.
Duo, a discount plan for two people who live together, will go up $2 to $16.99, the company announced.
A family plan, meanwhile, will increase by $3 to $19.99 starting in July.
Spotify said it is raising prices in order to 'continue to invest in and innovate on our product features and bring users the best experience.'
The music streaming giant announced that the cost of its 'Individual' ad-free premium subscription plan in the US will go up by $1 a month to $11.99
Spotify last increased the cost of its ad-free premium plans in July 2023 - which was the first time it had increased rates in the US since launching in 2011.
The Swedish company hiked the 'Individual' plan $1 from $9.99 to $10.99.
The latest increase means the cost of the plan has gone up by 20 percent in the last two years.
Last year, the company said the market landscape has 'continued to evolve' since Spotify launched in 2008.
Spotify, as well as other music and television streaming platforms, are hunting profits by raising prices amid increased competition in the market.
The music streamer has been trying to boost its margins in recent months through several rounds of layoffs and lowering market spending, after relying on promotions and hefty investments to drive user growth.
Shares in the company rose more than 4 percent in morning trading following the announcement.
Spotify's revenue in the US grew nearly 11 percent to $5.69 billion last year, according to the company's annual report.
Alongside its ad-free premium services, the music, podcast and audiobook streaming platform also offers an ad-supported free plan.
Spotify's quarterly profit hit $1.09 billion in April - with premium subscribers accounting for most of its revenue.
The number of premium subscribers rose by 14 percent to 239 million in the first three months of this year.
As more and more streaming services have flooded the market, companies have had to hike their prices and alter their business models in an attempt to improve profitability.
When it comes to television, eight of the nine major services have hiked their prices in the last year, DailyMail.com analysis revealed.
Apple TV+, for example, increased the price of its ad-free tier by a huge 43 percent - from $6.99 to $9.99.
The latest increase means the cost of the 'Individual' ad-free plan has gone up by 20 percent in the last two years (Pictured: Spotify CEO Daniel Ek)
The vast majority of streaming platforms have increased in price in the last year - some by as much as 43 percent
Disney+, meanwhile, hiked the price of its offering by 27 percent - to $13.99 from $10.99.
Last October, Netflix axed its 'basic' $9.99 per month ad-free plan for new members - and upped it to $11.99 for existing members.
It means its cheapest plan without commercials for new joiners is the 'standard' one at $15.49 a month.
Over the last year, streaming services have also increasingly clamped down on password sharing - following Netflix's lead.
Disney announced earlier this year it would crack down on sharing accounts with people outside of the user's household across its platforms Disney+, Hulu and ESPN+.