Audio streaming platform Spotify is reportedly launching a premium subscription tier with high-fidelity audio,which will cost more than its current premium plans.
Codenamed “Supremium,” the tier will give subscribers broader access to audiobooks by giving them more free streaming hours per month or a specific number of audiobooks, as well as the option to purchase more in one go. Currently, subscribers can only purchase audiobooks once at a time through the Spotify app.
The new Supremium plan is expected to launch later this year, prioritizing non-U.S. audiences first before entering the U.S. in October.
While the company is “constantly iterating and ideating to improve our product offering,” a Spotify spokesperson noted that the company would not comment on speculation around the possibility of these new features.
The new tier was first announced back in 2021, but experienced delays after Spotify CEO Daniel Ek hinted that the company was experiencing “licensing issues.” The reported postponement also happened at a time when Spotify rivals Apple Music and Amazon Music offered hi-fi audio services for free in their standard subscription plans.
Spotify’s possible new offering is only part of its many efforts to cut spending and drive revenue.
In early June, the streaming giant laid off 200 of its employees from the podcast department as part of the “next phase” in its podcast strategy. This includes expanding partnerships, maximizing podcast streams, and leveling up its ad offerings.