Rumors surrounding a high-fidelity tier on Spotify have been circulating since 2017, with the company even announcing plans to launch such a feature in 2021, only to retract the statement the following year. Now, it appears that Spotify may finally be ready to introduce a high-fidelity plan, internally referred to as “Supremium,” which would become its most expensive tier, according to Bloomberg.
The introduction of a high-fidelity plan aims to generate additional revenue for the streaming giant and address investor demands for price increases. Spotify allegedly postponed the rollout of the plan in 2021 after its major competitors, Apple Music and Amazon Music, began including similar features at no extra charge in their standard plans.
Furthermore, Spotify may enhance its regular Premium offering by providing expanded access to audiobooks. This could be accomplished through either a set number of free hours per month or a specific number of books, with an option to purchase additional titles. Currently, audiobooks on Spotify are only available for individual purchase.
It remains unknown whether the audio quality of the high-fidelity plan would be lossless at up to 24-bit and 192kHz, as offered by Apple Music and Amazon Music. Lossless audio typically requires a wired or WiFi setup, as Bluetooth speakers and headphones, including Apple’s AirPods and AirPods Max, do not support the high bandwidth necessary for lossless transmission.
The pricing details for the new tier have not yet been revealed. Unlike Apple and Amazon, who raised their rates to $10.99, Spotify has maintained its Premium plan at $9.99 per month in the US. During a recent earnings call, Spotify CEO Daniel Ek stated that the company strives to strike a balance between subscriber growth and revenue, resulting in pricing variations across regions based on the company’s objectives.
Earlier this month, Spotify announced a two percent reduction in its staff, following a six percent layoff in January. The company continues to explore avenues for growth and diversification to stay competitive in the highly dynamic music streaming market.
