Spotify plans to launch a more expensive Premium subscription option later this year that provides access to high-resolution audio, Bloomberg reports. This new premium will cost “at least $5 more per month” and will be an “add-on” for existing subscribers.

The report adds that the new plan will include high-resolution audio, as well as new tools for managing playlists and music collections. This latest news comes a year after Bloomberg announced that Spotify was working on a new subscription plan referred to internally as the “premium” tier. According to the latest Bloomberg report, “customers who choose to upgrade” to the new plan at launch “will generate additional revenue for Spotify and its commerce partners.”

Meanwhile, Spotify co-founder and CEO Daniel Ek confirmed during its first-quarter earnings report on April 23 that a new “Music Only” subscription plan will also be coming to the platform as part of a new tiered list of subscription options — including audiobooks only. . And music options only. The new music-only tier, called Basicdividual, quietly arrived in the UK this month and costs £10.99 per month without access to audiobooks.

According to the latest Bloomberg report, the new premium plan, which includes HiFi audio, could “generate hundreds of millions of dollars in additional revenue” for Spotify. The arrival of high-resolution audio on Spotify will bring the platform in line with competitors that offer higher-quality listening options, such as Apple Music Lossless, Spatial Audio, Amazon Music, and TIDAL.