The highly-anticipated Spotify Hi-Fi plan has been leaked and the music streaming giant is expected to call it ‘Supremium', allowing music lovers to stream high bitrate audio and compete with Apple Inc.'s AAPL offering.
What Happened: Spotify Technology SA SPOT has been long rumored to launch a super-premium plan called Hi-Fi, aimed at music lovers and audiophiles. This plan is expected to cost $19.99 per month.
According to tipster Chris Messina, this plan is now expected to be called Spotify Supremium.
This strategic move is seen as Spotify’s bid to rival the high-quality audio services that have long been provided by Apple Inc. AAPL.
According to Messina, this plan will allow subscribers to stream 24-bit lossless audio and up to 30 hours of monthly audiobook streaming.
The exact launch date remains undisclosed. However, Messina forecasts a rollout by year-end.
This revelation comes on the heels of Spotify’s earlier announcement this week that its Premium subscribers in the United Kingdom and Australia will now be entitled to 15 hours of audiobooks monthly as part of their subscription. This feature is also expected to be made available to US users by the end of the year.
With that said, users on social media are not really convinced – Apple Music costs $10.99 per month and supports 24-bit quality out of the box. It also supports Spatial Audio with Dolby Atmos for an enhanced music streaming experience.
Why It Matters: Spotify Supremium directly challenges Apple’s dominance by offering a similar high-quality audio experience. Moreover, including substantial audiobook hours could lure in avid book listeners, diversifying its user base.
The exact details and launch date remain under wraps, adding a layer of suspense to Spotify’s strategic move. Whether ‘Supremium’ will turn the tide in Spotify’s favor or not, only time will tell.
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