What Is 'Supremium', Spotify's Upcoming Premium Plan That Is Also Its Most Expensive?
Music streaming giant Spotify is launching a new premium subscription option. The upcoming tier, internally referred to as "Supremium," is expected to offer high-fidelity audio and will initially be introduced in non-US markets before a potential expansion, according to Bloomberg News.
With this move, Spotify aims to enhance its premium offerings and attract a wider user base. The company also plans to augment its existing premium tier by providing subscribers with expanded access to audiobooks, an exciting feature set to be introduced in the US.
Also Read: Oprah Winfrey, Beyonce, Kim K and... 10 Richest Women Celebrities In US In 2023
Supremium: An Enhanced Listening Experience
Sources familiar with the matter reveal that Spotify is working on a more expensive subscription plan that will provide users with high-fidelity audio. This move is in response to the growing demand for superior sound quality among music enthusiasts. While details about the pricing and availability of Supremium remain under wraps, it is expected to be the company's most premium offering, targeting users who prioritize exceptional audio experiences. With high-fidelity audio, Spotify aims to solidify its position as a leading music streaming platform.
Expanded Access to Audiobooks: A Value-Added Feature
Also Read: With Pioneering Vision and Innovative Beats, These Artists Shaped the House Music Movement
Spotify is planning to grant subscribers expanded access to audiobooks. This addition aims to diversify the platform's content and attract a broader audience. Users may enjoy a certain number of free audiobook hours each month or gain access to a specific number of titles, depending on their subscription plan. This feature is expected to launch in international markets first before being introduced in the United States in October. By incorporating audiobooks, Spotify intends to position itself as a comprehensive audio platform catering to various entertainment preferences.
Also Read: From Stardom to Studio: 10 Stars Who Changed Careers To Become Talk Show Hosts
Market Expansion Strategy
To maximize its growth potential, Spotify plans to launch the Supremium tier in non-US markets initially. This approach allows the company to assess the market response and make any necessary adjustments before introducing the premium plan to its largest user base in the United States. By targeting international markets first, Spotify can evaluate user demand, refine its offerings, and create localized strategies to optimize success. This expansion strategy demonstrates Spotify's commitment to global growth and adapting to diverse consumer preferences worldwide.
Competing in the Audio Streaming Landscape
Spotify faces fierce competition from industry rivals such as Apple and Amazon, both of which offer their own music streaming services. In response to the increasingly competitive landscape, Spotify has been actively introducing audio-focused features to attract and retain paying subscribers. One notable addition is the HiFi feature, which enhances the sound quality of songs to "lossless" CD-quality music. By continuously innovating and introducing new features, Spotify aims to differentiate itself from its competitors and provide users with a unique and immersive audio experience.
Price Points and Current Premium Plans
At present, Spotify's premium subscription for individuals in the United States is priced at $9.99 per month. For families, the company offers a plan for six users at $15.99 per month. These existing premium plans provide users with benefits like ad-free listening, unlimited skips, and offline playback. The introduction of Supremium is expected to offer additional advantages, including high-fidelity audio, further enticing users to upgrade their subscriptions.
More from MARKETREALIST
10 Ill-fated Anime Live-Action Movie Adaptations
Tainted Glory: Doping Scandals That Cast a Dark Shadow on Athletes and Sporting Events