Spotify is in the works of planning a more expensive subscription that will include high-fidelity (Hi-Fi) audio, during a effort to bring in more revenue and placate investors.

It is being dubbed ‘Supremium’ and will becomes Spotify’s most expensive plan offering a Hi-Fi feature first announced in 2021.

A delay was placed on the rollout after Apple Music and Amazon Music started offering the feature as free through their standard plans. It is expected to launch this year in non-US markets first.

Spotify will allow the subscriber expanded access to audiobooks, and this will happen either through a specific number of hours free a month, or a specific number of titles.

An option to purchase more will be available. Currently, the audiobooks are only sold a la carte in the app. This feature is expected to launch in the US in October after launching in abroad markets first.

A spokesperson said, “At Spotify, we are constantly iterating and ideating to improve our product offering and offer value to users. But we don’t comment on speculation around possible new features and do not have anything new to share at this time.”

It is important to note: shares fell 2.7% to $155.73 USD.

With these new changes, Spotify are hoping to bring in new revenue and maintain interest in a stock that has doubled so far this year per share.

The two biggest competitors for Spotify are Apple Inc, and Amazon.com Inc, both hiking their standard plans’ pricing by one dollar in the US per month. Spotify’s current Premium Plan remains the same price and includes access to podcasts and ad-free music. It also still offers a free version with commercials.

Daniel Ek, Chief Executive Officer has claimed the company balanced pricing changes with the desire to grow subscribers earlier this year. Last year, prices were increased in over 40 markets.

“It’s definitely something that we’re doing, and we’re looking at it as a balanced portfolio approach, where in some markets we’re selectively increasing prices, because we’re in a more mature place. In some markets, we’re mostly focused on growth.”

Spotify have been on the verge of trying to achieve profitability this year and reign in costs, by reducing the staff by 6% in January, and then an additional 2% earlier this month.

High profile podcast deals have also lapsed, and the company are planning to sublease floors in the New York office.

The Hi-Fi subscription is expected to arrive later this year, and may also include bundle access to audiobooks, fewer ads in podcasts, and maybe the ability to tune headphones.

There are rumours suggesting the tier might cost around $20.00 AUD a month, which is double to current Premium offering.

Spotify have yet to leak the launch window for Hi-Fi, and said in a statement, “At Spotify, we are constantly iterating and ideating to improve our product offering and offer value to users. But we don’t comment on speculation around possible new features and do not have anything new to share at this time.”