According to Bloomberg News, music streaming platform Spotify Technology is planning to introduce a new premium subscription option that will offer high-fidelity audio. This new tier, internally referred to as “Supremium,” will be the company’s priciest plan and is set to launch later this year in markets outside the United States.
To enhance its existing premium tier, Spotify intends to provide subscribers with expanded access to audiobooks. This could be in the form of a certain number of hours per month or a specific number of titles, as per the report. The feature is expected to debut in the United States in October, following its initial release in foreign markets.
When approached for comment, Spotify chose not to respond.
In the United States, Spotify’s individual premium account is priced at $9.99 per month, while a family account, accommodating up to six users, costs $15.99 monthly.
In its efforts to increase the number of paying subscribers, Spotify has been introducing various audio-focused services, such as the HiFi feature, which enhances the sound quality of songs to a “lossless” CD-quality level. This move enables Spotify to compete with rival services from companies like Apple and Amazon.com.