Spotify plans to launch a pricier premium music package later this year that includes high-fidelity audio.
This is based on Bloombergthe newspaper quoted sources today (June 11) as saying that the cost of this new package will “increase by at least $5 per month” and will become an “add-on service” for existing subscribers.
The report adds that the new plan will include high-fidelity audio as well as new playlist and song library management tools.
This latest news comes a year later Bloomberg Spotify is reportedly working on a new subscription plan, known internally as the “Supremium” tier.
according to Bloomberg’s New report says customers who “opt to upgrade” when new plan launches “will generate additional sales” [Spotify] and its business partners”.
Spotify reportedly plans to launch a pricier Premium package this year, following a recent price increase in the United States, with its individual Premium package rising by $1 per month to $11.99.
According to Spotify, existing US subscribers will receive an email about the update next month, explaining that the new subscription price will take effect on the July billing date.
At the same time, during Spotify’s first quarter earnings call on April 23, Spotify co-founder and CEO Daniel Ek confirmed that the new “Pure Music” subscription package will also be launched on the platform as a new tiered subscription package menu section (including audiobooks) and music only options.
The new music-only package, called “Basic individual”, quietly launched in the UK this month and costs £10.99 a month without access to audiobooks.
In the UK, Spotify’s Premium Personal plan includes 15 hours of audiobook listening per month for £11.99. Spotify increases the price of its flagship UK Premium subscription plan to £11.99 in april, From £10.99.
The UK price for the basic Personal Edition suggests it will also cost $10.99 in the US when it eventually launches.
Spotify has announced for the first time that it will launch high-quality music streaming on its platform in early 2021.
The company said at the time that HiFi audio “has always been one of the most requested new features from our users.”
Spotify announced the service at its Stream On event, co-announced by Billie Eilish and brother Finneas. SPOT said at the time that the HiFi feature would “begin to roll out in select markets” later that year.
However, this feature was not implemented and still isn’t.
In October 2022, there were reports that the streaming giant was preparing to launch a new $19.99 per month “Platinum” package that would include HiFi audio.
according to Bloomberg’s The latest report claims that new premium plans, including HiFi Audio, “could bring hundreds of millions of dollars in additional revenue to Spotify.”
The arrival of High-Definition Audio on Spotify will bring the platform in line with competitors that offer higher-fidelity listening options.
In May 2021, Spotify’s competitor Apple Music launched lossless audio and spatial audio supporting Dolby Atmos for free.
In the same month, Amazon Music also launched a high-definition music listening option for its “free” unlimited music service. Music Unlimited costs £9.99 per month for Prime members and £10.99 per month for non-Prime members.
TIDAL’s individual subscription plan costs $10.99 per month and offers lossless, HiRes FLAC and Dolby Atmos tracks.
Meanwhile, Deezer offers HiFi standard for $11.99 to all Premium users.global music business
