Spotify To Launch Premium Subscription Option

Music streaming platform Spotify Technology is planning to roll out a more premium subscription option that is expected to include high-fidelity audio, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The new tier, called "Supremium" internally, will be the company's most expensive plan and will launch this year in non-US markets first, according to Reuters.

To bolster its current premium tier, Spotify will give subscribers expanded access to audiobooks, either through a specific number of hours free per month or a specific number of titles, Bloomberg reported.

The company plans to introduce that feature in the United States in October, after first launching in markets abroad, the report added.

In the United States, the company's premium account for individuals is priced at $9.99 per month, while a family account with six users is at $15.99 a month.

Spotify, which competes with rival services from Apple and Amazon.com , has been trying to grow its number of paying subscribers by rolling out a range of audio-focused services such as the HiFi feature, which upgrades the sound quality of the songs to "lossless" CD-quality music.