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(NEXSTAR) — For the second time in less than a year, Spotify users will see a price increase as the streaming service, which offers music, podcasts, and audio books, is set to raise subscription fees.

Spotify said Monday it will raise premium prices in the U.S. so it “can continue to invest in and innovate on our product features and bring users the best experience.”

The price hikes are already in effect for new subscribers, Spotify’s website shows.

Current customers will see their subscription fee increase in July. Spotify says it will notify those impacted in the coming weeks.

Spotify’s Premium plan will now cost $11.99 a month, up from $10.99 for an individual plan. Premium Duo will increase to $16.99, up from $14.99, while Premium Family is rising to $19.99, up from $16.99. The plan for students will remain at $5.99.

This comes after Spotify raised its prices in July 2023, when it also said the increases were necessary to continue innovating and providing new offerings and features.

Spotify does offer a free plan in which users can listen with ads. Those with Premium accounts can listen ad-free, download audio to listen offline, play songs in any order, and more.

In 2023, Spotify said it paid $9 billion in royalties, declaring it the highest annual payment from any retailer to the music industry. In that same year, Spotify experienced three rounds of layoffs, including a December round that axed 17% of the company’s global workforce.

The Associated Press contributed to this report.