Spotify users waiting to learn when the service's long-delayed high-quality premium audio service will materialize may finally have something to chew on. Bloomberg reports that the streaming service hopes to roll out a new "Music Pro" tier later this year.
The company is said to be developing the new premium subscription plan that will cost up to $5.99 per month on top of existing plans, offering high-quality audio streaming, remixing capabilities, and exclusive concert ticket access, reports the outlet.
Pricing and timing have yet to be nailed down as Spotify works to secure necessary rights from major music companies. The additional fee is likely to vary by region, with lower prices planned for "developing markets," said the publication.
The new tier is said to include AI-powered features allowing subscribers to mix songs from different artists. Spotify is also exploring various concert ticket sales strategies such as pre-sale access and premium seating options through discussions with major promoters and ticket vendors.
The new tier comes as Spotify looks to diversify its revenue streams and target devoted music fans who regularly spend money on merchandise, concerts, and fan clubs, according to the report. The company apparently believes the enhanced tier could attract millions of subscribers, despite the higher price point.
Development of the additional tier has been in the works for several years, coming after recent price increases for existing subscriptions and the introduction of audiobook offerings. Spotify previously announced plans for a Hi-Fi tier in February 2021, but a launch never materialized, even as rivals Apple Music and Amazon Music Unlimited began offering high-quality audio streaming within their standard subscriptions.
Given the progress of its competitors, Spotify's paid-for "Music Pro" tier will need to be a more comprehensive offering that goes beyond just improved audio quality and some AI-produced playlists. What's actually offered remains to be seen.
