Spotify will reportedly finally release a high-fidelity audio tier for its subscribers.
According to a report from Bloomberg, the streaming platform is set to charge $5 more per month for hi-fi audio. The new price will be added on top of existing premium plans.
Additionally, the new tier will reportedly offer subscribers “new tools for creating playlists and managing their song libraries.”
Though the official release date is unknown, an insider told Bloomberg it is expected to drop “later this year”.
Competing platforms like Apple Music and Amazon Music already have lossless audio integrated into their plans at no extra cost.
The news follows Spotify’s announcement that it will be additionally hiking up prices for its premium plan. The price for premium subscriptions will be raised by $1 with it now costing $11.99 monthly. The Duo plan’s price will be raised by $2 at $16.99 per month.
The family plan will see a rise of $3 at 19.99 per month while Spotify’s student plan will remain at the discounted price of $5.99 a month. These new prices will go in effect for existing Spotify subscribers next month. New subscribers will be charged the new prices immediately.
Last summer, the streaming platform also hiked its subscription prices for the first time ever in the 10 years since the streaming service launched. At the time, the premium plan went up to £10.99 per month, up from the previous price of £9.99 monthly in the UK. In the US, the premium subscription increased from $10 to $11 monthly.
Speaking to City A.M., a Spotify spokesperson said that the subscription price hike was done “so that we can keep innovating and delivering value to fans, the music industry, and creators on our platform, we occasionally update our prices”.
The price hikes also follow the controversial remarks made by Daniel Ek, the CEO of the streaming giant, implying that it is easier and more affordable than ever to create “content” thanks to modern technology.
“Today, with the cost of creating content being close to zero, people can share an incredible amount of content. This has sparked my curiosity about the concept of long shelf life versus short shelf life,” he wrote.
“While much of what we see and hear quickly becomes obsolete, there are timeless ideas or even pieces of music that can remain relevant for decades or even centuries,” he added, before questioning: “What are we creating now that will still be valued and discussed hundreds or thousands of years from today?”
Ek has since apologised for dismissing the struggles faced by musicians and using the “reductive” label of “content”
Elsewhere, recent reports have revealed that Spotify have made record profits of over €1billion (£860m) – following staff being laid off and subscription prices rising.
