Looks like it will be a free upgrade for all users. Makes it a pretty sweet deal.
It says it will be enabled by default for AirPods and latest devices users. Let’s see how it works with other wireless ear/headphones.
The next generation of sound on Apple Music is coming to subscribers June 2021 at no additional cost.
www.apple.com
Edit: from reddit
• Available in iOS 14.6, iPadOS 14.6, macOS 11.4, or tvOS 14.6 or later.
• Works with AirPods, AirPods Pro, AirPods Max, BeatsX, Beats Solo3 Wireless, Beats Studio3, Powerbeats3 Wireless, Beats Flex, Powerbeats Pro, and Beats Solo Pro.
• Works with iPhone 7 or later with the latest version of iOS; iPad Pro 12.9-inch (3rd generation or later), iPad Pro 11-inch, iPad (6th generation or later), iPad Air (3rd generation or later), and iPad mini (5th generation) with the latest version of iPadOS; and MacBook Pro (2018 model or later).
Note at the bottom of the page that can be missed:
"Due to the large file sizes and bandwidth needed for Lossless and Hi-Res Lossless Audio, subscribers will need to opt in to the experience. Hi-Res Lossless also requires external equipment, such as a USB digital-to-analog converter (DAC)."