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The Spotify ‘Supremium’ tier will reportedly launch in non-US markets later this year, although this is not the first time the company has promised HiFi audio.
Streaming giant Spotify is reportedly planning to introduce a new subscription service dubbed ‘Supremium’, that will offer listeners perks such as HiFi (high fidelity) audio quality and access to a greater selection of audiobooks.
The story was first reported by Bloomberg which based its piece on internal sources it has working at Spotify. According to the report, the new service will also carry a higher price tag than the existing Premium subscription tier, which enables users to download music to listen to offline and skip songs.
It is likely that this planned new pricing tier will be based on a previous announcement that Spotify made in 2021 regarding the addition of HiFi audio features to its platform. At the time, Spotify said that HiFi audio was one of the most common features to be requested by listeners. While the company said it would begin rolling out HiFi audio later that year, it failed to materialise.
Towards the end of last year, there were more hints at releasing HiFi audio from Spotify, with rumours that it was planning to bring out a new subscription plan called ‘Platinum’ worth around $19.99 per month. However, that too failed to come to fruition.
Bloomberg reports that Spotify’s planned ‘Supremium’ tier will launch in non-US markets later this coming year.
At the beginning of 2023, Spotify’s financial losses widened according to its most recent earnings statements. The company said its operating losses were due to advertising and personnel costs, but it reported a positive outlook for the year ahead – despite announcing it would cut 6pc of its global staff headcount.
Bloomberg’s report said that Spotify may be planning the price increase tier as a way of generating more revenue and keeping investors satisfied.
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