Spotify hikes prices for second time in less than a year

Music and podcast streamer Spotify will increase its price for the service this summer, the company announced Monday.

Beginning in July, an individual subscription to Spotify will be $11.99, up $1 from the previous rate. The price hike represents the second in less than a year for the audio streamer.

The company said the changes were necessary "so that we can continue to invest in and innovate on our product features and bring users the best experience."

Spotify is one of the largest music and podcasting providers in the world, with an estimated 615 million users in some 180 markets.

The company recently inked a new deal with podcaster and pundit Joe Rogan, one of its most prominent content creators, which came with a price tag of $250 Million.

The company, like other music and entertainment streamers, has invested heavily in live concerts and events in recent years but is grappling with changing consumer habits and a what analysts have said is an increasingly tough advertising market.