Spotify announced Friday that it is launching a new "Basic" streaming plan in the US. The new plan costs $10.99 per month and includes all the benefits of the Premium plan, but without the monthly audiobook listening time.

 Spotify has raised its premium plan price from $ 10.99 to $ 11.99, and the start of the new streaming media plan has been released for several weeks. Bloomberg reported at the time that higher prices will help stream media services that cover the cost of audiobooks. With the new basic plan, users can revert to $10.99 pricing, but can only access music and podcasts. The new plan may be a good option for those who don't take advantage of the 15 hours of audiobook listening per month that comes with the premium plan. The plan could also be the first of several new tiers for Spotify, as the streaming giant is reportedly working on a 

"Super premium" plan that includes high-fidelity audio. According to Bloomberg, the plan will cost at least $5 more per month. In April, Spotify reported a 20% increase in revenue, a 14% increase in premium users and a record quarterly profit. Spotify is expected to announce its earnings for the second quarter of 2024 on July 24.