By Sam Boughedda
Spotify (NYSE:SPOT) is planning to offer a more expensive subscription option, dubbed "Supremium," Bloomberg reported Tuesday, citing sources.
The new tier is expected to provide high-fidelity audio and is seen as a move to drive more revenue and appease investors who claim the company should raise its prices.
The new tier would be Spotify's most expensive subscription option and will probably offer a HiFi feature, which Spotify first announced it was working on in 2021, said Bloomberg.
The publications state that Spotify's new tier is set to launch this year, starting in non-US markets first.
Furthermore, to expand its current "Premium" tier, Spotify will reportedly provide subscribers extended access to audiobooks via a certain number of hours free per month or a specific number of titles, with an option to purchase more.
The feature is set to be introduced in the US in October after first launching abroad.
After a more than 5% gain on Friday, Spotify shares have edged 0.1% lower premarket Tuesday. However, the stock has performed well so far in 2023, up 95%.