Audible Launches $8.99 Standard Plan to Compete with Spotify

Audible, the audiobook giant owned by Amazon, has unveiled a more affordable subscription tier priced at $8.99 per month, marking a strategic move to compete with Spotify in the audiobook market. This new Standard plan offers subscribers one audiobook per month along with access to a curated library of titles. However, it is important to note that users will not retain ownership of the audiobooks once they cancel their subscription. The service also includes content from Wondery+, adding to its appeal. Early indicators from testing show promising double-digit growth in new memberships, particularly in the UK and Australia. This move comes as Spotify has seen its prices increase threefold over the past three years, potentially opening up an opportunity for Audible to attract cost-conscious consumers.