As part of their plans to increase profit, music streaming giant Spotify is reportedly considering introducing a new service that would bring added features, but cost users an additional $5.99 on top of their existing plan.
According to Bloomberg, the new service is named “Music Pro” and will be aimed at “super-fans.” It would include higher-quality audio, the option to mix together songs from different artists using artificial intelligence, and the opportunity to buy concert tickets through the Spotify platform.
The introduction of “Music Pro” is expected at some point in 2025 although Spotify denied commenting through its spokesperson. The company is currently working out the finer details of the service and has been involved in negotiations with record companies, promoters, and ticket sellers.
The price is expected to be set at $5.99, although that could change at some point and Spotify also intends to adjust the pricing depending on the region.
Spotify hiked its subscription prices back in June, adding $1 to the Premium Tier, $2 to the Duo Tier, and $3 to the Family Tier. The adjustment worked well for the company, as it ended up turning a profit in 2024 for the first time in its history.
Spotify stock closed the week at $638.18 per share after a slight slide on Friday and is currently 39.40% up since the beginning of the year.