Spotify Unveils New Basic Streaming Plan in the US

Spotify has launched a new "Basic" streaming plan in the United States, priced at $10.99 per month. This new plan includes all the features of the 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 from $10.99 to $11.99. This price hike was reportedly to help offset the costs associated with audiobooks.

With the Basic plan, users can enjoy the previous $10.99 rate but will only have access to music and podcasts, making it an ideal choice for those who don't utilize the 15 hours of monthly audiobook listening included in the Premium plan.

This move may signal the introduction of more subscription tiers by Spotify. Reports suggest that a "Supremium" plan offering high-fidelity audio could be on the horizon, potentially costing an additional $5 per month.

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