Spotify Technology S.A. (NYSE:SPOT) is eying a more expensive subscription option likely to include high-fidelity audio to drive more revenue and appease investors.
Dubbed “Supremium,” the new tier will be Spotify’s most expensive plan and likely offer a HiFi feature it first announced it was working on in 2021, Bloomberg reports.
Spotify delayed that product’s rollout after two competitors, Apple Inc (NASDAQ:AAPL) Apple Music, and Amazon.Com, Inc (NASDAQ:AMZN) Amazon Music, began offering the feature for free under their standard plans. The new tier will launch this year in non-U.S. markets first.
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To augment its current “Premium” tier, Spotify will offer subscribers expanded access to audiobooks through a specific number of hours free per month or a particular number of titles. There will be an option to purchase more.
Currently, the company only sells audiobooks a la carte through its app. Spotify plans to launch that feature in the U.S. in October after first rolling out in markets abroad.
Spotify has been battling rival services from Apple and Amazon, which hiked their standard plans’ prices by a dollar in the U.S. to $10.99 monthly in the past year.
The company has contained costs this year to achieve profitability.
Price Action: SPOT shares are trading lower by 0.62% at $159.00 premarket on the last check Tuesday.
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