Spotify is once again hiking prices in the US

The price for current subscribers will rise again over the next month.

Swedish music streaming company Spotify is increasing the prices of its most popular plans in the US. The individual plan will soon cost $11.99, the Duo plan will cost $16.99, and the Family plan will be $19.99.

The prices of the subscription plans will rise by $1, $2, and $3, respectively. According to the company, this change is needed to invest in and innovate product features.

Over the next month, subscribers in the US will receive an email explaining what this update means for their subscriptions, the company said in a blog post.

In April, Bloomberg announced that Spotify is preparing for a price change and that it is planning to introduce a new, basic tier that would enable listening to music and podcasts but not audiobooks.

The current price hike comes less than a year after the previous one. Last July, Spotify increased the prices of its most popular plans in the US and other markets after 12 years.

In Q1, the company announced a record profit of $1.1 billion, which came after a year of lay-offs, during which the company parted ways with 1,700 employees.

Currently, Spotify has around 615 million paid subscribers.