Spotify is reportedly prepping a new premium plan with HiFi

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Bloomberg recently reported that Spotify, the popular music streaming platform, might be on the verge of introducing a new premium tier that includes high-fidelity audio, which has been eagerly anticipated by many.

While Spotify’s CEO, Daniel Ek, has hinted at a new premium level to rival the likes of Apple Music and Amazon Music, he has remained elusive about when this might happen.

Both competitors have already incorporated lossless, high-resolution catalogs into their offerings without any additional charges.

“Supremium”

The rumored new subscription tier, internally dubbed as “Supremium,” could potentially offer extended access to audiobooks, besides lossless audio versions of Spotify’s vast music library, according to the report.

That’s about it when it comes to details. There are still a lot of unanswered questions.

For example, the report did not provide a specific timeline for the launch of Supremium. It did, however, mention that the service would initially be made available to markets outside the U.S. This usually happens when companies introduce a new product and want to see how it performs in real life.

The report also didn’t provide any insights into pricing either, but it is expected to be pricier than the existing Spotify Premium plan, which currently costs $10 a month in the U.S.

Spotify pricing

Wait, price increases?

Yup, they’re supposedly coming.

Ek has previously suggested that a price increase is on the cards. During Spotify’s first earnings call of 2023, he expressed confidence about the company’s ability to implement price hikes.

“I feel really good about our ability to raise prices over time — that we have that ability. And we have lots of data that backs that up,” Ek said in a 1st quarter earnings call. “When the timing’s right, we will raise [rates], and I think that price increase will go down well because we’re delivering a lot of value for our customers.”

Personally, I have never heard the words “price increase” and “will go down well” in the same sentence in my 38 years of existence, but hey, there’s a first time for everything, right?

Maybe Spotify’s HiFi audio will be the unicorn we’ve all been waiting for.

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Kevin Raposo

Kevin is KnowTechie's founder and executive editor. With over 15 years of blogging experience in the tech industry, Kevin has transformed what was once a passion project into a full-blown tech news publication. Shoot him an email at kevin@knowtechie.com.