Tech Gadget Central Latest Tech News and Reviews
After two years, Spotify will launch its HiFi tier with lossless music streaming through a “Supremium” plan later this year, which may cost more than $9.99 per month.
Bloomberg reported that the company is launching this new plan to boost revenue and appease investors seeking a price increase. The non-U.S. launch will include audiobooks. Bloomberg reported that the company may launch this “Supremium” plan in the U.S. in October if other markets perform well.
Last October, a Reddit user was surveyed about a $19.99 per month “Platinum tier” subscription that included HiFi music, headphone tuner, limited-ad podcast listening, and playlist management and libraries.
HiFi was introduced in 2021. Launch was delayed. Last year, CEO Daniel Ek suggested licensing issues delayed the launch.
Apple added lossless music to Apple Music for free in May 2021, following Spotify. Amazon also added HiFi music to Prime Music.
Apple Music raised its monthly fee from $9.99 to $10.99 last year. Amazon also changed its Amazon Music Unlimited personal plan this year. In some international markets, Spotify raised its base subscription price, but its premium plan remains $9.99 per month.
Spotify reported 500 million monthly active users and 210 million premium subscribers in its Q1 2023 earnings call. The more expensive plan should boost revenue per user and appeal to Spotify users who want lossless music.
