Spotify Plans to Introduce More Expensive Subscription Option with High-Fidelity Audio

In an effort to generate more revenue and satisfy investor demands, Spotify is reportedly set to unveil a new, more expensive subscription option that will include high-fidelity audio. The upcoming tier, internally referred to as “Supremium,” is expected to be Spotify’s priciest plan and will likely feature the HiFi function that the company originally announced in 2021. The company plans to initially roll out the new tier in non-US markets this year. The pricing of this new Supremium tier has not been confirmed yet.

According to Bloomberg, Spotify delayed the launch of this feature after its competitors, Apple Music and Amazon Music, began offering it for free as part of their regular plans. Spotify has been engaged in fierce competition with rival services such as Apple and Amazon, both of which raised their standard plan prices in the United States by one dollar to $10.99 per month in the past year.

In contrast, Spotify’s $9.99 Premium plan, which includes ad-free music listening and access to podcasts, has remained unchanged in the US since its launch. The company also offers a free version of its service supported by ads.

It has also been reported that to enhance its existing “Premium” tier, Spotify will grant subscribers expanded access to audiobooks. This may involve providing a certain number of free hours per month or access to a specific number of titles, with the option to purchase additional ones. 

Currently, Spotify only sells audiobooks individually through its app. However, the company intends to introduce this new feature in the United States in October, following its initial release in international markets.

What are your thoughts about this? Are you looking forward to Spotify’s new tier with HiFi audio, despite the higher price? Let’s discuss this in the comments section below.

Source: Bloomberg