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Spotify has announced that it is developing a “deluxe” version of its subscription service featuring hi-fi (high-fidelity) audio streaming. However, CEO Daniel Ek mentioned during the company’s quarterly earnings call on Tuesday that the project is still in the “early stages” of development. Once available, this plan is expected to be priced significantly higher than the existing Premium plan. Spotify initially revealed its intention to launch a high-end subscription service called Spotify HiFi back in 2020.
Know Spotify’s “Deluxe” Plan
The CEO of Spotify disclosed during the earnings call that a new subscription plan—which would rank above its Premium plan—is currently under development. “We want to provide a significantly improved version of Spotify here.” The official, nevertheless, stayed mum regarding the specifics of its rollout schedule.
The CEO said that this new subscription would be a “deluxe” version of Spotify, with features like hi-fi audio and other extras on top of what Spotify Premium already has. The streaming service may include a feature that allows users to create playlists using artificial intelligence (AI) and other tools; however, he did not provide details about what else is included in this plan.
The CEO of Spotify stated that the deluxe plan may cost at least $5 (about Rs. 419) more per month than Spotify Premium, which costs $11.99 (approximately Rs. 1,000) for the Premium Individual plan. The CEO also stated that the plan won’t be cheap.
Consider spending about $5 more than the present premium tier. Therefore, it’s probably priced between $17 and $18, but it’s more of a deluxe version of Spotify with all the features of the standard version plus a lot more control, better quality overall, and a few other things that I’m not ready to discuss just yet, Ek said during the earnings call.
It’s important to know that Spotify’s rivals, Amazon Music and Apple Music, offer high-quality audio without extra charges. However, you can only access these services with a paid subscription. Spotify, on the other hand, provides a free option with ads, although it comes with some restrictions.
A “good subset” of the streaming service’s overall user base, the CEO continued, wanted a “much better” version of Spotify. It is stated that in addition to high-resolution audio streaming, its new membership package will address this issue by providing more controls.
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