(Reuters) – Spotify (NYSE:) introduced a new streaming subscription plan for users in the United States on Friday, after raising prices for its premium subscriptions earlier this month.
The new Basic plan starts at $10.99 per month for eligible users. It has the streaming benefits of a premium subscription, but no monthly audiobook listening time.
Premium subscriptions allow users to enjoy offline, ad-free music and 15 hours of audiobook listening time per month.
Spotify raised prices for premium subscriptions earlier in June, the latest step by the Swedish music streaming service in its drive to boost margins.
The company increased the prices of its individual plan from $10.99 per month to $11.99, the duo plan from $14.99 to $16.99 and the family plan from $16.99 to $19.99 in the United States, the largest market in terms of turnover.
Spotify has tried to boost its margins in recent months by cutting marketing spend and making layoffs after relying on promotions and heavy investments to drive user growth.
The audio streaming giant plans to introduce a new expensive plan for its most avid users later this year, Bloomberg News reported last week, with the plan likely to cost $5 more per month for access to better audio and new tools for creating and managing playlists. of song libraries.
