After Tidal and Amazon Music launching hi-fi audio subscriptions, Spotify also has plans up its sleeves to make available the super audio on its platform too.
The HiFi audio would be available later this year in select markets, the firm said. However, it did not disclose the exact timeline.
The HiFi tier will give users an in-depth and lossless audio experience while enjoying their favorite songs. The hi-fi audio will offer CD-quality audio on existing devices.
Tidal and Amazon Music, which have hi-fi audio subscriptions, offer services outside India. Spotify could be the first major audio streaming service to launch the lossless audio feature in the country.
Spotify boasts of adding 25 million users in the December quarter with India being a significant contributor to growth, which is driven by its Spotify Premium Mini.
Spotify’s total monthly active users (MAUs) grew from 271 million in the fourth quarter of 2019 to 345 million users in the fourth quarter of 2020.
Its premium users grew 24 percent YoY from 124 to 155 million while ad-supported usage grew from 153 to 199 million YoY.
The firm’s total revenue grew 17 percent from $1.85 billion to $2.17 billion year-on-year, while gross profit grew 21 percent from $474 million to $575 million.
Podcasts are also a key part of Spotify’s strategy globally.
In the December quarter, it had 2.2 million podcasts, compared to 1.9 million the previous quarter, and 25% of its monthly users engaged with podcast content in the fourth quarter compared to 22% in the third quarter.