Spotify has announced a rise in the cost of its premium subscription plans in the United States, marking the Swedish music-streaming company’s second price hike within a year. U.S. Spotify users will receive notifications regarding the new changes to their subscriptions over the upcoming month. Shares of Spotify saw an increase of over 4% on Monday morning.

The new pricing structure in the U.S. will entail an “Individual” plan priced at $11.99, a “Duo” plan at $16.99, and a “Family” plan at $19.99. The “Student” plan will remain at $5.99. Spotify has justified these price adjustments as necessary for the company to sustain investments and innovations in its product features, as mentioned in a blog post.

In July 2023, Spotify had previously raised the price of its Individual subscription to $10.99 and adjusted the prices for the Duo, Family, and Student plans to $14.99, $16.99, and $5.99, respectively. The company noted that the market landscape has been continuously evolving since Spotify’s inception.

Apple Music, a prominent competitor to Spotify, had increased its subscription costs towards the end of 2022. An individual subscription on Apple Music starts at $10.99 per month, according to information on Apple’s website.

Spotify’s decision to adjust its pricing reflects the shifting dynamics of the music-streaming industry and the increasing demand for high-quality content and services. As these platforms strive to enhance user experience and maintain a competitive edge, subscribers may expect periodic changes in subscription fees to align with the evolving market trends.

Users are advised to stay informed about any upcoming adjustments to subscription costs and evaluate the value proposition offered by different music-streaming services to make informed decisions about their preferred platforms.