Spotify said to introduce new high-end subscription tier later this year
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Spotify (NYSE:SPOT) is reportedly getting ready to introduce a new high-end subscription in an effort to generate more revenue.
The Daniel Ek-led company is slated to bring a new "Supremium" subscription to the market later this year, featuring high-fidelity audio, Bloomberg reported, citing people familiar with the matter.
The new subscription is slated to be launched outside of the U.S. and help it further compete with Apple (AAPL) Music and Amazon (AMZN) Music, both of which already offer high-fidelity audio.
Apple (AAPL) recently introduced classical music for its Music subscribers at no extra charge.
In an effort to give more content to its Premium subscription, which costs $9.99 per month, Spotify (SPOT) may give expanded access to audiobooks, the news outlet added.
The subscription tier currently includes podcasts and ad-free music, while a free tier offers music listening supported by advertising.
Spotify (SPOT) said it ended its first-quarter quarter with 210M total subscribers, adding 5M premium subscribers during the period, well above Wall Street's forecast.
Spotify (SPOT) shares rose 0.6% to $161 in pre-market trading on Tuesday.
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