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Spotify CEO says company is in ‘early days’ of hi-fi audio plans
Spotify Chief Executive Officer Daniel Ek says the streaming service is within its “early days” of its plans to add hi-fi connectivity to its platform. On its annual earnings conference the previous day, the CEO provided details on a new upgraded class.
Announcement
Spotify made an announcement back at the end of 2021 they were planning to launch a brand new premium subscription tier, dubbed Spotify HiFi. The company claimed thatthe new tier would permit users to upgrade their audio quality to the “CD-quality, lossless audio format.” It’s now in the mid-2024 timeframe and the company is yet to announce the new HiFi tier.
“The plan here is to offer a much better version of Spotify,” Ek spoke on the phone call to investors. “Think that it’s about $5 higher than the current premium level. It’s likely to be somewhere around a $17 or $18 price, but more like a deluxe version Spotify with all the benefits that the regular Spotify version enjoys, but much more control, better quality throughout as well as other benefits that I’m not prepared to discuss just yet.”
Price
The price is in line with Bloomberg’s reports from the month before, in which it was revealed that the premium plan, which is priced higher, will be at minimum $5 per month. While the plan will feature the long-awaited hi-fi streaming feature, the tier is also will include new tools to create playlists and extra features.
“There’s a good subset of that group of 246 million subscribers that want a much better version of Spotify,” Ek explained. “Those are huge music lovers who are primarily looking for even more flexibility in how they use Spotify and the music capabilities that exist on Spotify.”
Apple Music as well as Amazon Music have provided the lossless streaming of audio for years for free. It’s not clear why it’s taking Spotify this long to announce the service however it’s possible the company is trying in order to assure that it’s providing sufficient worth to customers to justify the cost while its rivals offer it for free.
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Q&A
What did Spotify’s CEO say about the company’s hi-fi audio plans?
The CEO mentioned that Spotify is currently in the “early days” of developing its high-fidelity audio plans.
