Tidal will no longer keep its high-res, lossless and spatial audio content locked behind a £20/$20-per-month “HiFi Plus” subscription. Instead, it is now moved into a single individual user plan, costing a lower-cost, Spotify-matching £11/$11 per month.
Previously, users paid that price for CD-quality FLAC files, but needed to opt for the pricier plan to unlock 24-bit/192kHz tracks and Dolby Atmos content.
That's now all changed as of 10th April, which saw the new £11/$11 per month plan implemented.
And specifically to your point
This price drop only puts further pressure on Spotify to improve the quality of its catalogue, which is currently capped at 320kbps in its Premium tier, and has no native support for spatial audio tracks.
That alone should be enough to get people considering other options. I'm sure there's more beyond the big three too.