What is the story about?
What's Happening?
Spotify has announced the global rollout of its HiFi lossless audio feature for premium subscribers, allowing streaming in up to 24-bit/44.1 kHz FLAC quality. This feature is available in 50 markets, including the US, UK, and several European countries. The rollout follows previous delays and aims to enhance the audio quality for users, competing with similar offerings from Apple Music and Amazon Music. The feature was initially announced in 2021 but faced setbacks before its current release.
Why It's Important?
The introduction of lossless audio by Spotify is a significant upgrade that could attract users seeking high-quality sound, potentially increasing subscriber numbers and revenue. This move is crucial for Spotify to remain competitive in the streaming market, where rivals have already offered similar features. The enhanced audio quality may also lead to higher royalties for artists and songwriters, benefiting the music industry. However, Spotify's delay in launching this feature may have impacted its market position, requiring strategic efforts to regain momentum.
What's Next?
Spotify's lossless audio feature will continue to roll out across additional markets through October. Users will need to enable the feature manually on each device, and it is not compatible with Bluetooth due to bandwidth limitations. Spotify may explore further enhancements to its premium offerings to maintain competitiveness and address any user feedback regarding the new feature. Additionally, the company may consider pricing strategies to maximize revenue from its upgraded service.
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