Apparently, there's no longer the financial incentive to launch it right now.

According to the latest reports by The Verge, Spotify HiFi has been ready to launch for over a year, but Apple's decision to roll out lossless audio has caused Spotify to stall. Spotify claims to be launching its own lossless streaming service, Spotify HiFi, but it's not here yet even though Spotify originally claimed it would launch by the end of 2021 - that means it's almost a year-and-a-half late.

The kicker: to listen to these lossless tracks, subscribers just have to pay the same $10/month charge as before. In May 2021, it added a lossless tier that allows any paying subscriber to listen to CD-quality (16-bit/44.1 kHz) and Hi-Res Lossless (up to 24-bit/192 kHz) audio tracks. The biggest difference between the two streaming services is Apple Music actually allows you to listen to lossless tracks. How to Listen to Lossless Tracks on Apple Music Apple Music vs Spotify: The biggest differences Lossless streaming

App to convert apple music to spotify