Spotify, the popular music streaming platform, is making waves with its upcoming offering of lossless audio streaming. Codenamed "Supremium," this new subscription tier is set to provide music enthusiasts with a premium listening experience.
While Spotify's HiFi feature was announced back in February 2021, its release has been delayed, reportedly due to competitive developments. The latest update will shed light on the pricing speculation surrounding Spotify HiFi.
Spotify's potential integration of audiobooks into its current Premium tier will also be discussed.
Spotify Lossless Audio Streaming Service
Learn more about the new Spotify premium plan tier that could likely debut in late 2023.
Spotify's HiFi, the highly anticipated lossless audio streaming feature, is finally on the horizon. However, eager fans have been waiting for over two years since its initial announcement.
Bloomberg reports that Spotify took a step back to assess the market landscape after witnessing competitors like Amazon Music and Apple Music integrate lossless streaming into their standard plans at no extra charge. This delay allowed Spotify to adapt and ensure a unique offering tailored to its listeners.
More Expensive Spotify 'Supremium' Pricing
Across the music industry, some experts think that the Swedish music streaming giant will impose huge changes for the upcoming subscription tier.
According to Gustav Söderström, Spotify's co-president, the company is carefully considering the financial aspects to ensure the offering is economically viable.
While an earlier survey hinted at a potential $19.99 price point for a "Platinum" plan, the company has yet to confirm the final cost. Balancing cost-effectiveness with an exceptional listening experience remains a priority for Spotify.
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Will Spotify have Audiobooks on Premium Tier?
In a bid to diversify its offerings, Spotify is reportedly exploring the inclusion of audiobooks within its existing Premium tier, per The Verge. While this feature is expected to launch in the US around October, other markets might witness its arrival even sooner.
Spotify is considering various models for audiobook access, such as providing a set number of hours or a specific selection of titles. This move aims to enhance the platform's appeal and cater to users seeking more than just music.
With the likely launch of the newly-improved lossless audio streaming service on the platform, Spotify needs to watch out for Apple and Amazon, which are already offering the same service in their standard plans.
Spotify Faces Pressure Amid Competition
Gustav Söderström acknowledged that the industry landscape had changed, compelling Spotify to adapt its HiFi release strategy accordingly. By assessing these changes, Spotify can tailor its approach to meet listeners' evolving demands.
While Spotify's current Premium tier has maintained its $9.99 price point in the US, rivals like Apple and Amazon have slightly increased their standard tier prices to $10.99. However, Spotify aims to add even more value to its Premium tier by potentially bundling access to audiobooks. This strategic move would provide users with a comprehensive entertainment experience, enhancing Spotify's competitive edge.
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