Spotify Reports Growth Amid Hi-Fi Delays

Spotify continues to face delays in launching its long-promised 'Super Premium' tier, which was first announced in 2021 and is expected to provide lossless audio streaming. Despite the setbacks, the company reported impressive Q3 2024 earnings, with 640 million monthly active users and a 19% revenue increase to approximately $4.2 billion. CEO Daniel Ek noted that the Super Premium tier is still in development, with potential features like improved audio quality and early access to new music, but no specific launch date has been provided. Competitors such as Apple Music and Amazon Music have already integrated similar lossless audio offerings into their services, putting Spotify at a disadvantage. Ek indicated that the Super Premium subscription could cost about $5 more than the current Premium tier, suggesting a price range of $17 to $18 per month. As Spotify aims for profitability, industry observers remain skeptical about the timely arrival of its high-fidelity audio service.