After spending the past decade establishing itself as one of the world’s leading audio streaming platforms, Spotify has announced plans to roll out a high-quality audio premium service for existing subscribers, joining platforms like Amazon Music and TIDAL who have already done so.

Announced on Monday during the company’s Stream On virtual event, “Spotify HiFi” will launch at some point in 2021 for Spotify Premium subscribers in select global markets. The new service will allow users to listen to music in “CD-quality, lossless audio format,” according to reports.

Information on the exact cost of the Spotify HiFi subscription–along with the specific launch date and participating markets–was not detailed with Monday’s announcement. Some outlets are reporting that Spotify HiFi will also be branded as a Premium “add-on.” It’s also worth noting that the HiFi service will be accessible on all digital devices, including on Spotify Connect-enabled speakers.

Related: Spotify Reportedly Proposing Patent For Plagiarism Risk Detection A.I. Technology

Monday’s virtual event, which featured cameos from J Balvin and Billie Eilish, also included announcements based on the company’s creator services, artist discovery initiatives, its growing podcast IP empire, and more.

Watch Spotify’s entire Stream On virtual event in the video below.

Spotify Stream On Virtual Event [2/22/21]

[Video: Spotify]

[H/T TechCrunch]