Spotify is planning to raise its monthly subscription prices for the second time in just under a year.
The audio streaming service will raise the price of an individual plan to $11.99 per month, up $1, starting in July. Its duo plan, which lets two people split a premium plan, will increase by $2 to $16.99 per month and a family plan will jump by $3 to $19.99 per month.A statement on the company’s website said Spotify is raising its subscription prices so that it “can continue to invest in and innovate on our product features and bring users the best experience.
According to NBC News and other outlets, the company’s CEO Daniel Ek told investors it is now consistently profitable in its most recent earnings announcement. It was also reported that the subscription increases are partly due to Spotify trying to expand its audiobook service.