Spotify is reportedly prepping a new premium plan with HiFi
The new service could potentially offer extended access to audiobooks, besides lossless audio versions of Spotify’s vast music library.
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.
Both competitors have already incorporated lossless, high-resolution catalogs into their offerings without any additional charges.
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.
|Price Per Month
|Number of Accounts
|Ad-free music listening, play anywhere – even offline, on-demand playback
|2 Premium accounts for a couple under one roof, ad-free music listening, play offline, on-demand playback
|6 Premium accounts for family members living under one roof, block explicit music, ad-free music listening, play offline, on-demand playback, Spotify Kids: a separate app made just for kids
|Hulu (With Ads) plan, ad-free music listening, play anywhere – even offline, on-demand playback
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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