Spotify is set to introduce an extra-premium subscription tier later this year, offering users enhanced sound quality and playlist organization tools. According to a source familiar with the plan who spoke to Bloomberg, this new tier will cost users at least $5 more per month, with the exact price varying based on the user’s current base plan.
In addition to high-fidelity audio, the new premium tier is expected to include features like the ability to generate custom playlists for different activities and seasons based on the user’s preferences. This move comes as competition in the music-streaming industry continues to heat up, with Spotify facing rivals such as Amazon Music, Apple Music, and Tidal. Each of these platforms offers high-fidelity audio options.
Spotify has delayed its own high-fidelity audio launch since originally announcing it in 2021. Despite facing competition from other music-streaming services and Big Tech companies like YouTube and Amazon, Spotify has reported record profitability and seen its stock price rise by 64% this year. This new premium tier is expected to be offered as an upgrade to existing plans without affecting current subscriptions.