- Spotify is working on a more advanced version of its premium subscription service that will include lossless audio and other premium features.
- Although Spotify’s HiFi service has been delayed for 3 years, the company is still committed to providing a higher quality music streaming experience.
OUR TAKE
Spotify is planning to launch a new service tier called deluxe version which will offer lossless audio and a range of advanced features such as advanced library management, AI-powered playlists, and headphone sound quality optimisation as additional options to its existing premium subscription service. Spotify CEO Daniel Ek has said the service will offer better value than existing premium subscriptions with the goal of catering to a higher-quality audience of its 246 million subscribers.
-Rae Li, BTW reporter
What happened
Spotify plans to launch a new tier of services called deluxe version which aims to offer users more value than existing premium subscriptions. Spotify CEO Daniel Ek says the premium service will cost about $5 more than the existing premium subscription and is expected to cost around $17 or $18. This new tier will give Spotify’s users more control and overall higher audio quality.
Spotify’s move comes more than 3 years after it first announced its HiFi service, and shows that the company is adjusting its product strategy in response to market changes. Apple and Amazon have begun offering higher-resolution audio in their standard subscription plans, forcing Spotify to rethink the positioning of its HiFi service. Spotify’s premium version of the service is designed to appeal to users who have higher requirements for music quality.
Also read: YouTube follows Spotify and Deezer with its own AI-powered tunes
Also read: Spotify raises U.S. premium plan prices to boost margins
Why it’s important
Spotify continues to innovate in the music streaming service market to enhance the user experience. As the world’s leading music streaming platform, Spotify’s upgrades and improvements to its services can not only meet users’ needs for higher sound quality and richer features but also push competitors to improve their own service standards.
In addition, Spotify’s move reflects the music streaming service provider’s strategy to seek differentiation and enhance user stickiness in a highly competitive market. By offering a higher level of service, Spotify is able to attract and retain users who have higher demands for sound quality and features which can lead to a new revenue stream for Spotify, as users may be willing to pay extra for a higher-quality music experience.
Finally, this information shows how technological advances are influencing consumer expectations and consumption patterns. With the development of technology, users are increasingly demanding sound quality, and this move by Spotify is a response to this trend and also foreshadows the future direction of music streaming services.
