Spotify has announced it’s going HiFi. At its “Stream On” virtual event on Monday, the service announced a new lossless streaming tier that will be available in select markets later this year.

Spotify HiFi will provide subscribers with “music in CD-quality lossless audio format,” according to the company (via The Verge). Listeners will be able to access their improved digital music library through their device and Spotify Connect-enabled speakers. Currently, Spotify tops out at 320kbps audio.

The new tier will finally see the service go up against 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 lossless plan is available for $19.99 per month. It’s unclear how much Spotify HiFi will cost.

The news of Spotify HiFi comes amidst a flurry of announcements during Spotify Stream On. The company also said the service would be available in more than 80 new markets over the next few days, including Bangladesh, Pakistan, and Nigeria.

Meanwhile, Spotify announced some exclusive new content would 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 Renegades Podcast, which features President Barak Obama and Bruce Springsteen, are available to stream now.

Spotify also revealed that the platform is more lucrative than ever for artists, with a number of artists having earned a significant amount of money. Spotify said it plans to share more details about royalties on Spotify soon, making it a more attractive destination for artists big and small.

Lastly, Spotify said that it's giving all artists access to Canvas, which allows them to add a looping visual to their tracks. This provides listeners with a more visual experience, making Spotify a more immersive platform.

Once we have more details about Spotify HiFi, we'll be sure to let you know.