Are you perpetually grappling with a faint buzz in your favourite Spotify tunes? Or have you yearned for a comprehensive audiobook library on the platform? Prepare to be serenaded, for Spotify’s forthcoming subscription tier, internally known as ‘Supremium’, is set to redefine your audio experience.
High-Fidelity Audio: Elevating Sound Quality
Since 2021, the promise of Spotify’s High-Fidelity (HiFi) feature has been lingering in the air. However, this development seemed to be shelved after rivals started offering lossless audio streaming as part of their standard packages. Despite the shakeup in the music streaming industry, Spotify is readying itself for a well-orchestrated comeback.
The ‘Supremium’ tier, a more costly subscription option, is poised to incorporate the much-anticipated HiFi feature. While the exact pricing remains a closely guarded secret, indications suggest a fee close to £15 for this service.
Audiobooks: Turning a New Page
In a refreshing departure from its core offerings, Spotify plans to enrich its ‘Premium’ tier with an expanded selection of audiobooks. This means subscribers can look forward to a certain number of free hours or specific titles each month, with the choice to purchase additional content.
At present, Spotify offers a select range of audiobooks on an individual purchase basis. This move towards an expansive, inclusive library could forge new revenue paths, boosting investor confidence in a stock that has impressively doubled in value to around £120 per share this year.
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The Waiting Game
UK listeners, amongst others in non-US markets, will be the first to experience these fresh offerings. Spotify is geared up to roll out these features soon, with an expected US launch planned for later in the year.
While competitors have upped their standard subscription prices to around £8, Spotify’s Premium plan has remained steady at approximately £7.50, offering access to ad-free music and podcasts. Yet, with the impending arrival of ‘Supremium’, Spotify’s pricing strategy may witness a strategic shift.
Even amidst fierce competition, Spotify is focused on a balanced approach: increasing prices selectively in mature markets while emphasising growth in others. As the ‘Supremium’ tier becomes a reality, it signals a new era in audio streaming for the UK and beyond.
As we stand on the brink of an audio revolution, Spotify’s ‘Supremium’ tier paints a future with unrivalled sound quality and an expansive audiobook library. Far from merely keeping up with the times, Spotify is setting the tempo. So whether you’re a dedicated audiophile or a casual listener, the immersive audio journey waiting around the corner promises an experience unlike any before.
