According to Lucas Shaw from Bloomberg, Spotify is actively developing a more expensive version of its music streaming subscription, and Apple may follow suit shortly.
Here’s what Lucas Shaw has indicated is on the horizon for Spotify:
Spotify is working on a premium version of its service that will feature enhanced audio quality, access to concert tickets, and functionalities that allow subscribers to alter songs. Tentatively titled Music Pro, the plan is set to be released later this year at approximately $6 more than the current subscription rates.
A monthly fee of around $17 is something that loyal Spotify users may find familiar. The company has long been aiming to match Apple Music by introducing a Hi-Fi tier with superior audio quality.
In contrast, Apple Music already provides lossless audio within its standard subscription package.
As such, Spotify may need to add more value to attract users willing to pay for higher-quality audio.
Integrating concert ticket sales with a music streaming platform presents an excellent yet underutilized opportunity, although the online ticketing environment can be frustrating for consumers.
The prospect of allowing users to edit songs in some way is intriguing. Here’s what Lucas Shaw has highlighted about those features:
Music Pro will boast a variety of remixing tools, enabling users to adjust speed or create mashups as if they were DJs. Furthermore, Spotify has been in discussions with concert promoters and ticket vendors to obtain ticket allotments, potentially offering customers presale access or improved seating options.
And what about Apple? As previously mentioned, Apple Music has historically provided high-resolution audio without any additional charges. The subscription service has experienced only one price increase, moving from $9.99/month to $10.99/month in 2022. However, Shaw notes that both Apple and Amazon are considering ways to introduce higher-priced tiers for their streaming offerings.
Apple and Amazon have also contemplated more premium tiers for their services, although their plans are still in early stages and may not come to fruition.
While there’s no definitive information yet, it’s noteworthy as it could represent a shift in Apple’s current approach. Apple has focused on adding features like live lyrics, Dolby Atmos, and lossless audio to its singular Apple Music offering. Implementing a tiered pricing model for additional features would mark a departure from this strategy, and depending on the features Apple could offer, it might be worthwhile.
If Apple could secure rights to music stems for popular tracks, it would greatly enhance applications like GarageBand and Logic. In fact, Apple has provided this type of experience in creative workshops at its retail locations but has not made it available for home usage.
