Spotify Introduces New Basic Streaming Plan in the US

Spotify has launched a new “Basic” streaming plan in the United States, as announced by the company on Friday. Priced at $10.99 per month, this plan offers all the benefits of a Premium subscription, minus the monthly audiobook listening time.

This introduction follows Spotify’s recent price increase of its Premium plan from $10.99 to $11.99. Bloomberg noted that the price hike was intended to offset the costs associated with audiobooks.

The new Basic plan allows users to return to the $10.99 pricing, providing access to music and podcasts only. It serves as an ideal option for those who do not utilize the 15 hours of monthly audiobook listening included in the Premium plan.

Spotify may also be planning additional subscription tiers. Reports suggest the development of a “Supremium” plan, featuring high-fidelity audio, which is expected to cost at least $5 more per month, according to Bloomberg.

In April, Spotify reported a 20% increase in revenue, a 14% rise in premium subscribers, and a record quarterly profit. The company is scheduled to release its Q2 2024 earnings on July 24.