In a bid to boost revenue, audio streaming giant Spotify (NYSE:SPOT) is looking to introduce an expensive subscription feature that will also offer high-fidelity audio, according to Bloomberg.
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The company is planning to introduce the “Supremium” tier in markets outside the U.S. first and the plan comes after other competitors beat Spotify in introducing the HiFi feature into the market. Additionally, while Spotify offers audiobooks a la carte at present, it is now mulling over expanded audiobook access to subscribers.
Spotify shares have surged nearly 53.7% over the past year and the company is focusing on maintaining a balance between pricing and growing subscribers. At the same time, Spotify is looking to optimize costs and has trimmed its headcount twice this year already.
Overall, the Street has a $157.17 consensus price target on Spotify alongside a Moderate Buy consensus rating.
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