Spotify founder and CEO Daniel Ek attended the 2016 Cannes International Festival of Creativity in Cannes, France on June 22, 2016.
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Spotify announced on Monday that it would raise the cost of its premium subscription plans in the U.S., marking The Swedish music streaming company has raised prices for the second time in a year. U.S. Spotify users will be notified of new changes to their subscriptions next month.
Spotify shares rose more than 5% in pre-market trading on Monday.
For US users, the “Individual” plan costs $11.99, the “Double” plan costs $16.99, and the “Family” plan costs $19.99. The price for the “Student” plan remains $5.99. Spotify said it is raising prices so the company can “continue investing in and innovating our product features.” a blog post.
Last July, Spotify raised the price of its individual products to $10.99, the Duo plan price to $14.99, the family plan price to $16.99, and the student product price to $5.99. The company said the market landscape has “continued to evolve” since Spotify launched freed then.
Spotify did not immediately respond to CNBC’s request for comment.
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