Sweden-based Readly magazine cuts subscription prices in the UK to increase customer numbers.

Readly was launched in Sweden in 2012, and operates in a similar style to Spotify.

Readly allows readers unlimited downloads of digital magazines, as a subscription service.

It was launched in the UK in 2014, and is now cutting subscription costs from £9.99 to £7.99.

Ranj Begley, UK managing director for Readly, said: “We have managed to grow so quickly because of our scale and our single-minded focus on digital – things that most individual publishers find difficult to achieve on their own.

“We have spent a lot of promotional money building our brand.  We also have a wide range of magazines in our inventory which makes the service very attractive to the consumer when it is offered in an all-you-can-read payment model.

"For a magazine enthusiast, £9.99 a month for unlimited digital reading is an absolute no-brainer.  Yet we now want to go beyond that core market to target what we call the Entertainment Junkie. These people tend to subscribe to more than one stream of entertainment – many are using services such as Sky, Netflix, Spotify and Amazon Prime in parallel.”