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According to an insider, Spotify will introduce a new, more expensive premium this year a subscription plan that will finally offer lossless digital music. Users will pay at least $5 for better quality audio and new tools for creating playlists and managing your library.
Spotify will position Hi-Fi as an additional option – it is not a replacement for any plans. Users will remain on current rates unless they choose additional features. All together will cost depending on the base rate, but expect about a 40% markup. Spotify shares rose 2.9% at the start of the week.
Spotify announced Hi-Fi Audio back in February 2021, but the rollout has yet to happen. Most other music streaming services already offer superior quality audio.
Rumors of a new subscription tier come after Spotify increased prices for users in many countries. last week the company said it would raise prices in the US by $1 a month in July to $11.99 a month. Last year, the cost of the US tariff had already increased by $1, to $10.99, after being unchanged for more than 10 years.
The new premium plan could add hundreds of millions in revenue to Spotify, which would then be shared with music rights owners. It is not yet known what percentage of users are interested in the new tariff and whether music authors will receive additional payments.
Subscribers to the new plan will also be able to instantly create custom playlists for specific activities, dates, seasons, and the like. Playlists will be tailored to each user based on their behavior, and over time they will be able to be created without prompts.
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