Spotify has rolled out a new “Basic” streaming plan in the US, priced at $10.99 per month. This plan retains the same features as the Premium plan, including access to music and podcasts, but lacks the 15 hours of monthly audiobook listening time.
This move comes shortly after the company raised the price of its Premium plan from $10.99 to $11.99. According to Bloomberg, the hike aimed to offset the cost of providing audiobooks.
The Basic plan offers users a lower-priced option, suited for those who don’t utilize the full audiobook listening time of the Premium plan. This new tier may mark the beginning of several new plans from Spotify, with a reported “Supremium” tier expected to feature high-fidelity audio. If rumors hold true, this plan could cost at least $5 more than the current Premium offering.
Spotify reported a 20% revenue increase and 14% jump in premium subscribers in its last quarter, resulting in a record quarterly profit. The company is anticipated to release its Q2 2024 earnings on July 24.
