Spotify will reportedly release a higher-priced subscription tier that will likely include high-fidelity audio, according to a report from Bloomberg.
To date, Spotify has not released a more expensive subscription than its current $9.99 premium service, despite calls from investors to do so.
The new service, which Bloomberg reported will be called “Supremium” internally, will likely be the most expensive offering Spotify has ever released.
The Stokholm-based audio streaming giant’s inclusion of high-fidelity audio was first announced in 2021 but was pushed back due to the music streaming service’s competitors including it for free.
Apple Music released its offering of Lossless Audio and Spatial Audio to its subscribers for free in June 2021. There are currently no known plans for Spotify to include Spatial Audio.
Spotify has refused to reveal any details on the upcoming release.
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“At Spotify, we are constantly iterating and ideating to improve our product offering and offer value to users,” a Spotify spokesperson said.
Adding: “But we don’t comment on speculation around possible new features and do not have anything new to share at this time.”
The reported move comes as Spotify continues to focus on launching new services to expand its revenue streams and customer base.
Earlier this year, the company launched a Stories feature, which gave artists the chance to share exclusive content with their fans.
In the first quarter of 2023, Spotify saw revenue growth of 14% to $3.3bn.
The audio-streaming giant recorded 515m monthly active users (MUAs) by April 2023, a significant increase from its 489m in December 2022.
Spotify also reported that 210m of its subscriber base was paying for the paid Spotify Premium service at the end of the first quarter.