In 2021, Spotify announced its ongoing efforts to enhance the quality of its song library with superior HiFi audio. According to Bloomberg’s Ashley Carman, the streaming service is now preparing a premium subscription tier called “Supremium” to increase revenue.
The priciest Spotify plan is expected to include HiFi, which is already offered at no extra cost on Apple Music and Amazon Music, along with other added benefits. Sources familiar with the matter suggest that the company may provide subscribers with expanded access to audiobooks, either through a monthly allocation of free hours or a specific number of titles. Additionally, there may be an option to purchase additional content.
The anticipated launch of this feature in the US is slated for October, followed by expansion into other markets. Presently, users can exclusively purchase audiobooks individually via the Spotify app. The company’s spokesperson has chosen not to comment on the matter.
Earlier this year, Spotify’s CEO, Daniel Ek, alluded to a potential price increase in 2023, emphasizing that it would be justified by the substantial value the company delivers to its customers.
During the initial quarter of the year, Spotify surpassed market expectations by reaching 515 million monthly active users, out of which 210 million were Premium subscribers. Unlike Apple and Amazon, whose primary business focus isn’t streaming services, companies such as Spotify and Netflix face challenges in generating revenue, and their customers tend to be more price-sensitive.
The impact of HiFi quality on increasing Spotify subscribers remains uncertain. For many individuals, improved audio quality may not matter significantly, especially considering the widespread use of wireless earbuds that cannot stream Lossless audio.
