“Katy is slowing down her career this year,” a source tells PEOPLE, adding that the couple, who got engaged on Valentine’s Day, “want to get married and start a family sooner rather than later.”
A Bloom source agrees, telling PEOPLE, “They both want kids together and will prioritize this.”
The source went on to share that the couple’s decision to take their relationship to the next level wasn’t a spur-of-the-moment choice.
“They’ve been talking about getting engaged for a while. After reconciling Katy has felt very secure with Orlando and they both knew it was different this time,” the source says. “They made their relationship a priority and both of them literally flew all around the world to keep their relationship strong.”
“She was in such a bad place after her split from Russell [Brand], so to be getting married again is a huge deal. Their friends and family are so happy and excited for them,” the insider adds, referencing Perry’s ex-husband, whom she split from in 2011.
Perry previously discussed her decision to take a year-long break from touring and putting together a new album earlier this month.
At the start of her interview with Paper magazine, which was published on Feb. 8, the “Bon Appétit” singer shared that she’s toying with the idea of going to school, and has even looked into college at London’s Oxford University, which caters to mature students.
“A lot of people go who have already had success in their careers at 45, and they’re like, ‘Well, what the f— do I do now?’ That was interesting, because it would be very Harry Potter for me,” she shared.
Although the singer went on to share that her love of music hasn’t changed, touring for long periods of time “tires [her] out.”
Perry has not released an album since 2017’s Witness, and the singer wrapped up her year-long tour for the album last August.
Though Perry and Bloom had originally split in early 2017 after a year of dating, they made sure to remain friends during their time apart. In a passionate Instagram post from that May, Perry addressed fans blaming Bloom for their breakup. “U can still b friends & love ur former partners! No one’s a victim or a villain, get a life y’all!” she wrote.
When the couple reconnected in early 2018, they quickly moved beyond the issues that had plagued them in the past.
Perry shared her first photo with her now-fiancé on Friday, posting a close-up image of the pair surrounded by numerous heart-shaped balloons, while showing off her unique flower-shaped diamond ring, which features a colorful jewel in the center.
“Full bloom,” she sweetly captioned the image, using a play on her husband-to-be’s name.
Bloom, 42, went on to share the same image on his own Instagram, captioning the adorable snap, “Lifetimes.”
Reps for both stars did not immediately respond to PEOPLE’s requests for comment.