Spotify is rumoured to be launching a more expensive subscription tier on its platform by the end of 2023.
Bloomberg reported yesterday (20th June) that the streaming service could introduce the ‘Supremium’ plan in the next few months, offering HiFi audio and expanded audiobook access for an increased fee. The service is projected to hit “non-US markets” first, Spotify affiliates told Bloomberg.
The streaming company first announced it was working on a lossless audio or ‘CD-quality’ feature in 2021, under the name Spotify HiFi, but delayed the product’s rollout after two of its competitors, Apple Music and Amazon Music, began offering the feature for free as part of their standard plans.
Earlier this year, Spotify’s co-president Gustav Söderström told The Verge that HiFi was still underway despite the delay. “We are going to do it, but we’re going to do it in a way where it makes sense for us and for our listeners. The industry changed and we had to adapt,” he said.
According to Bloomberg, the platform will also offer “expanded access to audiobooks” rather than selling titles individually, while ‘Premium’ users will have access to a specific number of free hours or titles each month.
Despite Spotify’s price increase in 2021 – which saw its Family plan jump from £14.99 to £16.99 and Spotify Student increase from £4.99 to £5.99 – it remains one of the most affordable music streaming services around. It is unclear whether the introduction of the rumoured ‘supremium’ plan will impact the cost of existing Spotify tiered subscriptions.
The news comes after Spotify launched its AI DJ function in the UK and Ireland last month, after having arrived in the US and Canada earlier this year. Available to premium users, the streaming giant's “personalized listening experience” uses generative AI to deliver playlists and commentary using a “stunningly realistic AI voice.”
In March, Spotify also unveiled the expansion of its controversial Discovery Mode program, which will offer artists more exposure for less royalties.
Find out more about the “Supremium” subscription tier here.