The history of HiFi – The Sonos Blog
Take a look at the end of the infograph. It says FLAC increases fidelity, yet FLAC is just a way to losslessly compress audio in other formats, and today it’s mainly from CDs. Hence, FLAC is a more compact version of exactly the same content as is on a CD. Luckily there’s a 24-bit FLAC format available, that goes beyond CD quality.
Interestingly it ends with mentioning that vinyl still thrives for certain types of music where that level of audio quality matters, still I believe 24-bit audio would be as good. Even more so as digital audio can be multi-channel (e.g. 5.1). Analog audio can maximum be dual-channel.
What you normally get via iTunes, Spotify etc is way below this level of quality.