In a virtual event today, Spotify detailed a number of updates and new features for the audio platform. One of the most interesting announcements is the new lossless “Spotify HiFi”, which is an additional option for premium subscribers as the platform wants to expand its lead over competitors like Apple Music.

Earlier this month, we learned that Spotify is the newest The number of paid subscribers was 155 millionan increase of 24% over the previous year. We saw Apple Music ahead at various points in terms of growth Spotify remains the world’s most popular paid audio service.

With the aim of being the world’s best audio platform, Spotify hosted a Virtual event “Stream On” A number of new features, tools, and initiatives are described today.

Spotify found that one of the most sought-after features by artists and users is higher quality audio. In response, the platform will introduce “Spotify HiFi” in selected markets later this year.

Spotify HiFi delivers music in CD-quality lossless audio format to your device and to Spotify Connect enabled speakers, so fans can experience more depth and clarity while enjoying their favorite tracks.

The platform got Billie Eilish and Finneas to talk a little about the importance of high quality audio:

Spotify has not announced how much the new HiFi access will cost, but we were able to confirm with the company that it is an add-on for Spotify Premium subscribers. We also don’t know when it will arrive in “selected markets” other than “later this year”.

This will push service ahead of Apple Music, which still doesn’t offer a lossless option like Tidal or Deezer.

The older content “Mastered for iTunes” has been updated and renamed for Apple Music as “Digital Masters” in 2019. However, it’s still AAC – not lossless, and doesn’t fully compete with 16- and 24-bit FLAC formats offered by other services.

Spotify also announced a number of other new features and tools for artists and users in the coming months, including polls and Q&A, video support in podcasts, a partnership with WordPress to convert text to podcasts, and much more.

Spotify also noted that it plans to reach over a billion new users in the coming days by expanding into 80 new markets in Asia, Africa, Europe, the Caribbean and more.

Check out all of the Spotify news in the Stream On event below:

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