In July, Spotify will raise prices across the board for streaming plans for all of its music services, and according to a new report from Bloomberg, there are plans to raise additional fees for Spotify streaming, probably around the same time

It's enough to make you stop and rethink whether Spotify is the best music streaming service for your wallet

According to Bloomberg, Spotify is planning to introduce a new, higher-priced premium plan The current individual plan is $1199 per month, a $1 jump, but sources told Bloomberg that the new tier could be $5 per month higher, bringing the total price of the hi-fi plan to $1699

The tier, which has not yet been named, will provide access to high-fidelity audio streams and new tools for playlist creation and song library management

Apparently, the new tier will be sold as an add-on to existing customers

Last year it was reported that a new "Supremium" tier offering hi-fi audio would be available in late 2023 That plan never appeared, but this new $5 add-on plan is very similar to that rumored tier

Spotify first announced Spotify HiFi in February 2021 In the three years since then, the company has yet to announce anything

In January 2022, Spotify said in a forum, "We know that HiFi quality audio is important to you We feel the same way and are excited to offer the Spotify HiFi experience to Premium users in the future However, it is not yet the right time to give you more details When we are able to do so, we will of course update you here"

After 2021, both Amazon and Apple will begin offering lossless, high-resolution streaming at no additional charge

As reported by What Hi-Fi, Gustav Soderstrom stated that lossless audio is coming 'We are going to do it in a way that makes sense for us and our listeners The industry has changed, and we have had to adapt"

Soderstrom said, "We are going to do it in a way that makes sense for us and our listeners

It is unclear when Spotify will a) actually release hi-fi audio to its customers and b) when this Supremium tier will actually launch

Meanwhile, Spotify joined nearly all other streaming services in raising prices this summer