Spotify raises prices of premium subscription plans

Spotify announced on Monday it is increasing the cost of its premium subscription plans in the U.S., marking the Swedish music-streaming company’s second price hike in a year. U.S. Spotify users will be notified about the new change to their subscription over the next month.

Shares of Spotify were up more than 5% in premarket trading Monday.

For users in the U.S., an “Individual” plan will cost $11.99, a “Duo” plan will cost $16.99 and a “Family” plan will cost $19.99. The “Student” plan will still cost $5.99. Spotify said it is raising prices so the company can “continue to invest in and innovate on our product features,” according to a blog post.

In July of last year, Spotify increased the price of its Individual offering to $10.99, its Duo plan to $14.99, its Family plan to $16.99 and its Student offering to $5.99. The company said the market landscape has “continued to evolve” since Spotify launched, according to a release at the time.

Spotify did not immediately respond to CNBC’s request for comment.