Starting in July, premium subscribers of the audio streaming platform Spotify will have to pay more. The monthly cost for an individual subscription will increase from $10.99 to $11.99.

Spotify Technology tests the loyalty of its customer base with this second price increase this year. The goal is to become more profitable, which is already reflected in a rise in stock prices. The shares opened 5.5 percent higher at $313.01. Since the beginning of the year, the shares have risen by 67 percent and have quadrupled since the lows in November 2022.

In addition to individual subscriptions, the cost of Duo subscriptions will also increase from $14.99 to $16.99 per month. Family subscriptions will increase by $3 and will cost $19.99 per month in the future.

Spotify raises prices as it struggles to consistently generate profits despite its leading position in the audio streaming market. The company, which gains millions of new subscribers, promised investors to reliably earn profits from audio streaming, although a large portion of the revenue goes to record labels and other rights holders. The latest price increase is also intended to cover the costs for the push into the audiobook sector.

Last summer, Spotify had already increased the monthly prices for ad-free Premium plans to keep up with the competition. The latest price hikes confirm a report by the Wall Street Journal from April.

Cost-cutting measures, including layoffs, helped Spotify return to profitability in the first quarter. Previous price increases raised revenue per user by 5 percent. The number of premium subscribers rose by 14 percent, meeting analysts' expectations.