Audible has unveiled a new subscription option called the "Standard" plan, priced at just $8.99 per month. This offering, announced by the Amazon-owned company, is $6 less than its existing "Premium" plan, which costs $14.95 monthly.
The Standard plan allows subscribers to enjoy one audiobook each month from Audible's extensive catalog, along with unlimited access to a curated selection of Audible Originals.
However, it's important to note that subscribers will lose access to any audiobooks they have enjoyed once they cancel their subscription. In contrast, the Premium plan allows users to retain the audiobooks they've listened to even after unsubscribing.
In addition, the Standard plan provides access to nearly 200 popular titles from the Wondery+ app, which is set to cease operations in the near future.
This new subscription model is being launched in several countries, including the United States, the United Kingdom, Canada, Australia, Germany, and France, with plans to test the offering in additional markets.
The introduction of this plan comes as Audible faces increasing competition from Spotify, which entered the audiobook market in 2022 and has integrated audiobooks with its music and podcast offerings within its Premium subscription.
Spotify reported a 36% increase in users engaging with audiobooks over the past year, along with a 37% rise in listening hours. Notably, over half of Spotify's 281 million Premium subscribers have explored audiobooks.
In response to Spotify's recent subscription price hikes, which have occurred three times in three years, Audible aims to attract users seeking more affordable options.
Cynthia Chu, Audible's Chief Financial & Growth Officer, expressed that expanding membership choices will enhance accessibility for casual listeners and help publishers and creators connect with new audiences. This strategy is expected to benefit the entire audiobook sector.
Preliminary tests of the Standard plan have shown promising results, with significant increases in member acquisition and retention rates reported in the UK and Australia. The company anticipates that the plan's expansion will attract millions of new customers.
