Spotify has confirmed that it’s engaged on a “deluxe” model of its subscription that provides hi-fi (excessive constancy) audio streaming, however the firm remains to be in “early days” of planning, CEO Daniel Ek stated throughout the firm’s quarterly earnings name on Tuesday. When launched, this plan is alleged to be priced significantly greater than its present Premium plan. The Swedish audio streaming service first introduced its resolution to introduce a high-end subscription service dubbed Spotify HiFi in 2020.
Spotify’s “Deluxe” Plan
In the course of the earnings call, Spotify’s CEO revealed {that a} new subscription plan, that might sit above its Premium plan, is in growth. “The plan right here is to supply a significantly better model of Spotify”. Nevertheless, the official didn’t delve into particulars of its rollout timeline.
As per the CEO, this new subscription can be a “deluxe” model of Spotify, providing hi-fi audio, and different advantages, along with current options of Spotify Premium. Whereas he remained cryptic about different choices included on this plan, earlier stories have speculated that the streaming service may bundle a function that lets customers generate playlists utilizing synthetic intelligence (AI) and amongst different instruments.
The plan will not be simple on the pocket, based on Spotify’s CEO, who stated that the deluxe plan may value no less than $5 (roughly Rs. 419) extra per thirty days than Spotify Premium, which prices $11.99 (roughly Rs. 1,000) for the Premium Particular person plan.
“Suppose one thing like $5 above the present premium tier. So it is most likely round a $17 or $18 worth level, however type of a deluxe model of Spotify that has the entire advantages that the conventional Spotify model has, however much more management, loads greater high quality throughout the board, and another issues that I am not prepared to speak about simply but,” Ek stated throughout the earnings name.
Notably, Spotify’s rivals, resembling Amazon Music and Apple Music, supply lossless audio streaming with none added value. Nevertheless, each platforms are solely obtainable by way of a paid subscription and shouldn’t have an ad-supported free plan which Spotify presents, albeit with sure restrictions.
The CEO additional revealed {that a} “good subset” of the streaming service’s whole person base desires a “significantly better” model of Spotify. Its new subscription plan is claimed to sort out this space, providing extra controls than simply high-res audio streaming.
