Spotify launches new basic streaming plan in US
June 21 (Reuters) -Spotify SPOT.N introduced a new streaming plan for users in the United States on Friday, after raising prices for its premium plans earlier this month.
The new basic plan will start at $10.99 per month for eligible users. It will have the streaming benefits of a premium plan, but no monthly audiobook listening time.
Premium plans allow users to listen to offline ad-free music and 15 hours of audiobook listening time per month.
Spotify raised the prices for premium plans earlier in June, the latest step by the Swedish music-streaming service in its push to increase margins.
The company raised prices of its individual plan to $11.99 from $10.99 per month, duo plan to $16.99 from $14.99 and its family plan to $19.99 from $16.99 in the United States, its largest market by revenue.
Spotify has been trying to boost its margins in recent months by lowering marketing spending and through layoffs, after relying on promotions and hefty investments to drive user growth.
The audio-streaming giant is looking to introduce a new expensive plan for its most ardent 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 fresh tools for creating playlists and managing song libraries.
Reporting by Juby Babu in Mexico City; Editing by Shounak Dasgupta
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
