In a bid to keep up with its competitors, Spotify is reportedly planning to launch its lossless streaming feature, “Spotify HiFi,” in a new subscription tier called “Supremium.” This move comes after Amazon Music and Apple Music have already started offering lossless streaming as part of their standard plans at no extra cost. Let’s take a closer look at the implications of this development and what it means for the future of streaming.
Spotify HiFi’s release has been postponed due to the announcements made by Amazon and Apple. However, Spotify’s co-president, Gustav Söderström, has confirmed that HiFi is still in the pipeline, and the company is currently working out the financial details of the offering. In February 2021, there was speculation that the feature could be priced at $19.99 as part of a “Platinum” plan, which might include access to audiobooks as well.
Spotify’s current premium tier subscription has been priced at $9.99 in the US since its launch. On the other hand, competitors like Apple and Amazon have raised the prices of their standard tiers to $10.99. With the introduction of Spotify HiFi, the streaming platform is likely to launch a more expensive plan to accommodate the lossless streaming feature. However, the exact pricing details have not yet been revealed.
Apart from lossless streaming, Spotify is also considering adding access to audiobooks as an additional benefit for its users. This feature could be introduced in the current Premium tier, initially in the US and later in other markets. The details of this offering are still unclear, but users could potentially get a certain number of hours of audiobooks or access to a specific number of titles. Currently, Spotify sells audiobooks individually, so this bundling option would be a significant change to its business model.
Although speculation has been circulating about Spotify’s plans, a spokesperson for the company, Laura Pezzini, declined to comment on any potential new features or announcements. This suggests that Spotify is keeping its cards close to its chest and will unveil its future offerings when the time is right. However, the introduction of Spotify HiFi and the potential inclusion of audiobooks indicate that the company is actively looking for ways to improve its product offering and provide more value to its subscribers.
Spotify HiFi and the potential addition of audiobooks are clear indications of the streaming platform’s efforts to stay competitive in the market. The demand for lossless streaming is steadily increasing, and Spotify aims to meet this demand with its new subscription tier, “Supremium.” While the pricing details and the exact launch date remain unknown, it is evident that Spotify is committed to evolving and expanding its services to cater to the evolving needs of its users. As the battle for dominance in the streaming industry intensifies, it will be interesting to see how Spotify’s new offerings affect its market position and user base.
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