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 $11.99 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 $16.99.

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.