Spotify has announced a new tier of its streaming service called Spotify Hi-Fi.

Announced as part of Spotify's Stream On livestream on Monday (February 22), the new tier will deliver music in CD-quality, lossless audio format to any device on which users access it. There are no details just yet on when the new tier will be made available, though it's expected to arrive later this year. Price details are also yet to be revealed.

Spotify Hi-Fi sees the streaming giant follow in the footsteps of streaming service Tidal, which also offers a tier with lossless streaming for $19.99 a month.