Citing people familiar with the company’s plans, Bloomberg is reporting that Spotify is preparing to introduce a premium subscription option, which will include high-fidelity audio.
Internally referred to as “Supremium,” the new tier will become Spotify’s most expensive plan, offering a highly anticipated HiFi feature that was initially announced in 2021.
Sources say the rollout of this product was delayed after competitors Apple Music and Amazon Music began providing the feature for free within their standard plans.
To enhance its existing “Premium” tier, Spotify will grant subscribers expanded access to audiobooks, either through a set number of free hours per month or a specific number of titles, with the option to purchase additional ones.
Spotify plans to introduce this feature in the US market in October, following its initial launch in international markets. Currently, the company only sells audiobooks individually through its app.
These upcoming changes could drive increased revenue and sustain the interest in Spotify’s stock, which has already doubled to $159.99 per share this year.
CEO Daniel Ek previously mentioned during an earnings call that Spotify carefully balances pricing adjustments with subscriber growth objectives. In 2022, the company implemented price increases in over 40 markets.
The new “Supremium” Spotify tier will initially launch in non-US markets this year, according to Bloomberg.
Earlier today, former host of The Daily Show, Trevor Noah, announced his partnership with Spotify, launching a new weekly talk show later this year.
