On June 24th, Guolonghui announced that after raising the subscription price of its premium plan earlier this month, music streaming platform Spotify launched a new streaming subscription plan for US users last Friday. For eligible users, the new base package starts at a monthly subscription fee of $10.99. The plan provides paid streaming services, but there is no listening time for audiobooks. In comparison, the premium plan allows users to listen to offline ad-free music and 15 hours of audiobook listening time per month. After relying on promotions and massive investments to drive user growth, Spotify has been trying to increase profit margins by reducing marketing expenses and layoffs in recent months.