Spotify plans a more expensive subscription tier

Music streaming platform Spotify Technology is planning a more expensive subscription option that is expected to include high-fidelity audio, Bloomberg News reported on Tuesday.

The new tier, called "Supremium" internally, will be the company's most expensive plan as it aims to drive more revenue and placate investors who have been urging the Swedish company to raise prices, the report said.

Spotify did not immediately respond to a Reuters request for comment.

The company announced the HiFi feature, which upgrades sound quality of the songs to "lossless" CD-quality music, in 2021.

To augment its current premium tier, Spotify will give subscribers expanded access to audiobooks, either through a specific number of hours free per month or a specific number of titles, the report said.

In the United States, Spotify's individual premium account is priced at $9.99 per month, while a family account with six users is at $15.99 a month.

The new tier will launch this year in non-US markets first, the report added. 

Reuters