Spotify introduces cheaper "Basic" Premium plan, without audiobooks

Spotify recently increased prices for its premium subscription plans, but now they're introducing a more affordable option.

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This new tier, called the "Basic" premium plan, focuses solely on streaming music and excludes audiobooks.

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It costs $10.99 monthly, which matches what Spotify's regular premium plan used to cost.

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Earlier in the month, Spotify raised prices across all its subscription tiers: the Premium Individual plan went up to $11.99 monthly, the duo plan increased by $2 to $16.99, and the family plan rose by $3 to $19.99.

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The student plan, still priced at $5.99, remains discounted for verified students.

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Spotify had justified these price hikes by adding new features, including audiobooks, to enhance user offerings.

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However, the introduction of the music-only Basic plan indicates Spotify is experimenting to boost subscriber revenue.

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Additionally, Spotify is giving users on its free, ad-supported tier the option to add audiobooks for $9.99 a month.

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This move caters to audiobook enthusiasts who may not be as interested in Spotify's music library.

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As Spotify aims for profitability, these adjustments in content, subscription options, and advertising strategies are crucial steps toward achieving sustainable growth.

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