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.

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

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

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.

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

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

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

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

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

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