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.
Headphones and Spotify logo displayed on a phone screen are seen in this illustration photo (Photo by Jakub Porzycki/NurPhoto via Getty Images)
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.
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.
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