Spotify on Friday said it will launch a new "Basic" streaming plan to U.S. customers. The price of streaming will be $10.99, with all benefits of Premium but without a monthly audiobook listening time.

This comes just weeks after Spotify hiked the price of its Premium plan by $1 to $11.99. Bloomberg at the time reported that prices were hiked for the streaming service in order to address costs in the audiobook sector.

The new Basic plan lets subscribers revert to the $10.99 pricing, but they only get music and podcasts. The new plan should appeal to the listener who isn't taking advantage of the 15 hours of audiobook listening that Premium offers each month.

The plan could also be the first of various 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 announced a 20% revenue growth, 14% premium subscribers growth, and a record quarterly profit. Spotify is scheduled to report its Q2 2024 earnings on July 24.