Spotify launches a new Basic streaming plan in the US

Spotify is introducing a new "Basic" streaming plan in the United States, the company announced on Friday. The new plan costs $10.99 per month and includes all of the benefits of a Premium plan but without the monthly audiobook listening time.

The launch of the new streaming plan comes a few weeks after Spotify increased the price of its Premium plan from $10.99 to $11.99. Bloomberg reported at the time that the higher prices would help the streaming service cover the cost of audiobooks.

With the new Basic plan, users can go back to the $10.99 pricing but only receive access to music and podcasts. The new plan could be a good option for users who don't use the monthly 15 hours of audiobook listening that comes with the Premium plan.

The plan could also be the first of several new tiers from Spotify, as the streaming giant has been said to be developing a "Supremium" plan that would include high-fidelity audio. The plan will reportedly cost at least $5 more per month, according to Bloomberg.

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