By Rahul bhagat
July 20, 2023
Spotify is set to launch its HiFi tier, offering lossless music streaming, through a new premium subscription plan called "Supremium."
The plan is expected to cost more than the current premium plan of $9.99 per month and will include access to audiobooks.
Initially, the HiFi plan will launch in non-U.S. markets, with a potential U.S. launch in October if successful elsewhere.
Spotify's decision to introduce this plan aims to boost revenue and appease investors requesting a price increase.
The HiFi tier was first announced in 2021 but faced delays due to licensing issues, as mentioned by CEO Daniel Ek.
Competitors like Apple Music and Amazon have already introduced support for lossless music, prompting Spotify to make this move to retain customers and increase average revenue per user.