Spotify announces second price increase in a year for Premium plans in the U.S., with Individual plan now $11.99 and Family plan $19.99.

Overall price increase is 20 percent, with subscribers being notified via email.

Reason for the price hike is cited as the need to invest in product features.

Spotify becomes more expensive than competitors like Apple Music, which offers lower pricing for similar plans.

Customers may consider switching to Apple Music for perks like Dolby Atmos songs and Hi-Fi quality at a lower cost.

Spotify plans to introduce a new 'supremium' plan with high-fidelity audio and audiobooks in response to competition.

Despite backlash, Spotify's stock price rose on news of the price increase, focusing on revenue growth.

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