Spotify users have been waiting for the launch of the service's long-delayed high-quality premium audio service, and now they can finally get their fix. Bloomberg reports that the most popular music streaming service hopes to launch a new "MusicPro" package later this year.
It is reported that the company is developing a new premium subscription plan, which will provide high-quality audio streaming, mixing capabilities and exclusive concert ticket access for an additional $5.99 per month on top of the existing plan.
Pricing and timing have yet to be determined as Spotify works to obtain the necessary licenses from major music companies, and additional fees may vary by region, with lower prices planned for "developing markets."
The new package is said to include artificial intelligence features that allow users to mix songs from different artists. Spotify is also exploring various concert ticket sales strategies, such as offering pre-sale access and premium seating options through discussions with major promoters and ticket suppliers.
According to reports, Spotify hopes to diversify its revenue sources and target loyal music fans who often spend money on merchandise, concerts and fan clubs, so it launched a new premium package. The company believes the enhanced product can attract millions of subscribers despite its higher price tag.
Plans to add this tier have been years in the making, following recent increases in existing subscription prices and the launch of audiobook offerings. Spotify had previously announced plans to launch a Hi-Fi package in February 2021, but it has been unable to launch, even as competitors Apple Music and Amazon Music Unlimited began offering high-quality audio streaming in their standard packages.
Given the advances of its competitors, Spotify's paid "MusicPro" plans will need to offer a more comprehensive service than just improved audio quality and some AI-generated playlists. Exactly what it has to offer remains to be seen.