With intense competition in the music streaming arena, Spotify can no longer claim to be the first to offer Hi-Fi music.
However, entering the audiobook market poses challenges as it competes against established players like Amazon’s Audible. Original and exclusive podcasts have become a key revenue driver for the company. Spotify is under significant pressure from investors to increase profitability, having primarily focused on expanding its user base in recent years. In contrast, Apple Music Lossless and Amazon Music HD/Ultra HD offer streaming specifications starting at 16-bit and 44.1KHz, featuring less compression and utilizing data-efficient codecs for optimized delivery. Despite Spotify Premium still being priced at $9.99 per month, its streaming quality is currently limited to the “equivalent of 320kbps,” likely in compressed MP3 format. The integration of audiobooks is expected to roll out in the US in October, with other markets following suit earlier. While Spotify entered the audiobook market a year ago, it has only focused on standalone sales until now. The specifics of this integration, such as the number of titles or hours credited, are yet to be finalized.
In an effort to stay competitive, Spotify is reportedly planning to integrate free audiobook access into its existing Premium tier and potentially into the forthcoming “Supremium” plan. Both competitors have also raised their plan prices from $9.99 to $10.99 over the past nine months. Insiders revealed to Bloomberg that Spotify had been holding off on introducing Hi-Fi streaming due to Apple Music and Amazon Music already offering this feature as part of their premium-tier plans in 2021. However, as Pocket-Lint reported, recent leaks indicate that the launch of what Spotify employees have dubbed the “Supremium” plan is drawing near. While there have been hints and glimpses of this feature, an official announcement has been elusive. Spotify has been teasing the arrival of high-fidelity streaming for the past couple of years.
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