Spotify raises prices for second time in less than a year

Music and podcast streaming service Spotify will increase its prices this summer, the company announced on Monday.

Starting in July, Spotify’s individual monthly subscription will cost $11.99, up $1 from its previous rate, marking the audio streamer’s second price increase in less than a year.

company Changes “This was necessary so that we could continue to invest and innovate in our product features to provide the best experience for our users.”

Spotify is one of the world’s largest music and podcast providers, with an estimated 615 million users across approximately 180 markets.

The company recently signed a new $250 million deal with one of its most prominent content creators, podcaster and commentator Joe Rogan.

The company, like other music and entertainment streaming services, A large investment was made The company has expanded into live concerts and events in recent years but has struggled with changing consumer habits and what analysts say is a tough advertising market.