Spotify is rumored to be launching a more expensive “supremium” plan before the end of 2023 which includes HiFi audio and greater audiobook access.
Bloomberg reported that the “Supremium” plan is projected to be offered to non-US countries first, requiring users to pay more for more advanced features.
Spotify will soon also offer an expanded selection of audiobooks rather than selling titles individually, where Premium can access a specific number of free hours or titles each month.
Spotify has been looking to raise prices since late 2022 after Apple Music increased its prices due to inflation.
But adding a “Supremium” plan is another way to drive revenue from music lovers without alienating their current market of low-cost subscribers.
Spotify told media sites in March 2023, as reported by The Verge, that HiFi audio is coming one way or another, stating, “We announced it, but then the industry changed for a bunch of reasons. We are going to do it, but we’re going to do it in a way where it makes sense for us and for our listeners. The industry changed and we had to adapt.”
Spotify has not given any signs regarding whether the more expensive plan would mean higher royalties for artists either. Currently, Spotify offers $.00318 per stream with Amazon Music offering $.00402 and Apple Music offering $.008.
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