Spotify is reportedly planning to introduce a new, more expensive subscription tier featuring high-fidelity audio. While the streaming platform has not yet publicly confirmed the plans, Bloomberg reports that current subscribers could expect to pay around $5 more per month should they opt in for the audiophile-grade sound quality. The report also states that the new subscription tier would give users access to new tools to manage playlists and their libraries.
Plans to introduce high-fidelity streaming audio have been in the works since 2021, when the company said it was “consistently one of the most requested new features by our users.” At that time, it was suggested that music would appear in lossless audio format.
Premium subscription prices for US users increased this month for the second time in the past year. Subscription charges were also raised in around 50 other markets globally at the same time. In April, the Premium subscription price increased from £10.99 to £11.99 per month in the UK and from AUD $12.99 to AUD $13.99 in Australia.
This move came just a few months after the streaming giant demonetized tracks with under 1,000 streams.
For more updates on the global electronic music market, visit the Climax Play news page.
