Spotify has announced its new HiFi lineup. At its “ Stream On ” virtual event on Monday, the service announced a new level of lossless streaming that will be available in select markets later this year.
According to the company, HiFi will provide subscribers “music in lossless CD-quality audio format.” Listeners will be able to access the enhanced digital music library through their device and Spotify Connect-enabled speakers. Currently, Spotify maxes out at 320kbps audio.
The new tier will finally allow the service to compete with Amazon and Tidal, both of which offer lossless audio plans. Amazon offers its lossless plan for $14.99 per month (or $12.99 for Prime subscribers), while Tidal's equivalent plan is available for $19.99 per month. It's not yet known how much Spotify will charge for HiFi.
The Spotify HiFi news comes alongside a slew of announcements that accompany Spotify Stream On. The company also said the service will be available in more than 80 new markets in the coming days, including Bangladesh, Pakistan, and Nigeria.
Meanwhile, Spotify announced that new exclusive content will be available through the service very soon. Batman fans will soon be able to stream Batman Unburied, the new DC Comics podcast from David S. Goyer. The service also said that the first two episodes of the Renegades Podcast, featuring President Barak Obama and Bruce Springsteen, are already available.
Spotify also revealed that the platform is more profitable than ever for artists, with many earning significant amounts of money. Spotify said it plans to share more details about Spotify royalties soon, making it a more attractive destination for artists big and small.
Finally, Spotify said it is giving all artists access to Canvas, which allows them to add visuals to their tracks. This provides listeners with a more visual experience, making Spotify a more engaging platform.
