Spotify plans more expensive subscription tier - Bloomberg News

Reuters

Updated 20 June 2023 at 8:11 am·1-min read

FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the NYSE in New York

(Reuters) -Music streaming platform Spotify Technology is planning to roll out a more premium subscription option that is expected to include high-fidelity audio, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The new tier, called "Supremium" internally, will be the company's most expensive plan and will launch this year in non-US markets first, according to the report.

To bolster its current premium tier, Spotify will give subscribers expanded access to audiobooks, either through a specific number of hours free per month or a specific number of titles, Bloomberg reported.

The company plans to introduce that feature in the United States in October, after first launching in markets abroad, the report added.

Spotify declined to comment.

In the United States, the company's premium account for individuals is priced at $9.99 per month, while a family account with six users is at $15.99 a month.

Spotify, which competes with rival services from Apple and Amazon.com , has been trying to grow its number of paying subscribers by rolling out a range of audio-focused services such as the HiFi feature, which upgrades the sound quality of the songs to "lossless" CD-quality music.

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber and Anil D'Silva)

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