Spotify, the world’s largest music streaming subscription company, is raising the price of its U.S. premium account again.
The price of the ad-free personal plan will rise from $1 to $11.99 per month, the company said Monday. Group subscription rates will also increase. The Duo plan will increase from $2 to $16.99 per month, and the Family plan will increase from $3 per month to $19.99.
For students, the premium price remains unchanged at $5.99 per month.
“We continue to invest and innovate in product features and update our pricing from time to time to provide the best experience for our users,” Spotify said in a blog post.
The new prices will take effect from next month.
Stockholm-based Spotify offers a vast library of music, audiobooks, and podcasts on its platform. The service has 615 million users, with 239 million opting for a premium subscription to listen to music without ads. People who don’t want to pay can listen to ads for free.
The company has been focusing on improving profitability. The company cut staff last year after spending too much on podcast deals with influencers and newsmakers. Last April, Spotify recorded its highest quarterly profit.
Spotify shares rose 5% Monday morning, hitting $312.07 per share.
The Daniel Ek-run audio company joins other streaming services that have raised prices as investors shift their focus from subscriber growth to profitability.
Spotify last raised its US prices in July.
