10:59 AM EDT, 06/03/2024 (MT Newswires) -- Spotify Technology ( SPOT ) on Monday announced plans to raise its premium subscription prices for the second time in about 12 months.

The company's individual plan was lifted by a dollar to $11.99 after the audio streamer in July 2023 raised the price to $10.99. The new price will be reflected in US subscriber bills beginning next month, according to Spotify ( SPOT ).

The company is raising prices so that it can continue to "invest in and innovate on" product features, according to a picture of an email that will be sent to subscribers.

Prices were raised to $16.99 from $14.99 for Premium Duo and to $19.99 from $16.99 for the family plan. The cost for students will remain at $5.99.

In April, Spotify ( SPOT ) swung to a larger-than-expected first-quarter profit on a 20% jump in revenue that also surpassed analyst views.

Premium revenue climbed 20% in the March quarter, led by 14% subscriber growth that was just shy of the Visible Alpha consensus. The number of aggregate monthly active users grew 19% but trailed the company's guidance and consensus.

Interim Chief Financial Officer Ben Kung said in April that Spotify's ( SPOT ) "recent price increases and improving product mix shift" accelerated Premium's average revenue per user growth to 7% on a year-over-year currency-neutral basis, according to prepared remarks posted on Spotify's ( SPOT ) website at the time.

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