Spotify has launched a new streaming plan called “Basic” in the United States, priced at $10.99 per month. This new offering provides users with all the benefits of a Premium plan, except for the monthly audiobook listening time.
The introduction of the Basic plan follows Spotify’s recent price increase for its Premium plan, which went from $10.99 to $11.99. This price hike was reportedly to cover the costs associated with audiobook services.
The Basic plan caters to users who don’t utilize the 15 hours of monthly audiobook listening included in the Premium plan, allowing them to enjoy music and podcast content at a lower price point.
Industry observers speculate that this could be the first of several new tiers from Spotify. Reports suggest the company is developing a “Supremium” plan featuring high-fidelity audio, which may cost at least $5 more per month.
Spotify’s financial performance has been strong, with the company reporting a 20% increase in revenue and a 14% rise in premium subscribers in April. The streaming giant is set to release its Q2 2024 earnings on July 24.
