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Key Takeaways
- Spotify added a new, lower-priced subscription service in the U.S. for $10.99 per month.
- The Basic plan would give users the same access to music as its Premium Individual plan, but not audiobooks.
- Spotify will reportedly offer a higher-priced plan with more features later this year.
Spotify Technology (SPOT) on Friday announced a new lower-priced subscription plan in the U.S.
The streaming audio service said its Basic plan would cost $10.99 per month, and subscribers would get the same ad-free music available with its Premium Individual plan, but not access to audiobooks.
The Premium Individual option provides 15 hours per month of audiobook listening time. Spotify just raised its price from $10.99 to $11.99 earlier this month. The company also upped the cost of its Premium Duo plan by $2.00 to $16.99, and its Premium Family plan by $3.00 to $19.99.
Last week, Bloomberg reported that Spotify would launch a new “Supremium” plan later this year that would offer better audio and new ways for users to create playlists and manage their song libraries. The upgrade would be at least $5 a month more, with the rate depending on the subscriber’s base plan.
Spotify shares gained 1.2% to close Friday at $317.77. The stock has gained nearly 70% since the start of the year.
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