Spotify is raising its prices again

Starting in July, Spotify subscribers in the US will pay an extra $1 per month for its ad-free Premium plan, rising to $11.99 per month.

New York — Spotify is increasing its prices again, less than a year after it last hiked prices for most of its subscription plans.

The latest price rise comes as streaming media companies face rapidly rising costs of doing business – and customers continue to resent rising commodity prices as inflation remains stubbornly high.

Starting in July, Spotify subscribers in the US will pay an extra $1 per month for its ad-free Premium plan, rising to $11.99 per month — a 20% increase over the past two years. The podcaster said it is raising prices “to continue investing in and innovating in our product features and delivering the best user experience.”

Some of Spotify’s other tiers are also getting price hikes. The monthly cost for Duo, the plan that allows two people to split the premium plan, goes up by $2, to $16.99. The Family plan increases prices by $3 to $19.99 per month.

Spotify recently increased subscription prices for international subscribers, cut costs and underwent several rounds of layoffs including drastic cuts to its podcast business.

Streaming, whether music or TV, is becoming progressively more expensive for everyone as companies continue to look for elusive profits. Paramount, CNN’s parent company, Warner Bros. Discovery, NBCUniversal and even Netflix have all raised prices in the past year in a push toward profitability.

Shares of Spotify ( SPOT ) rose more than 2% in premarket trading, and the stock is up nearly 60% for the year.

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