Spotify introduces new streaming plans in United States

Spotify’s new plans: Spotify introduced a new streaming plan for users in the United States on Friday, following a recent price increase for its premium plans. The new basic plan is priced at $10.99 per month for eligible users. This plan offers the streaming benefits of a premium plan but does not include monthly audiobook listening time.

Premium plans enable users to enjoy offline, ad-free music and 15 hours of audiobook listening time per month. Earlier in June, Spotify raised the prices of its premium plans, marking another step by the Swedish music-streaming service to improve its profit margins. The individual plan price increased from $10.99 to $11.99 per month, the duo plan rose from $14.99 to $16.99, and the family plan went up from $16.99 to $19.99 in the United States, Spotify's largest revenue market.

In recent months, Spotify has been working to enhance its margins by reducing marketing expenses and implementing layoffs, after a period of heavy promotions and significant investments aimed at user growth. Additionally, the audio-streaming giant plans to introduce a new premium plan for its most dedicated users later this year, Bloomberg News reported. This upcoming plan is expected to cost $5 more per month, offering superior audio quality and new tools for playlist creation and song library management.

(With Reuters inputs)