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No expert on the matter, (though I should be in my line of work), but my guess would be: so all songs fit on one cd. The CD technology at that time probably didn't allow a higher bit/sample rate due to file size restrictions. The common audio CD still writes down data and I don't think that, at 24bit/48khz, a CD would be able to contain a standard full album (again, could be wrong here). There's a practically inaudible difference between 24bit/48khz vs 16bit/44.1khz as well, just like there's a practically inaudible difference between high quality wav files and slightly compressed mp3 files, or even highly compressed mp3 files. Go ahead, try it out: https://www.npr.org/sections/therec...ll-can-you-hear-audio-quality?t=1580040427911As an aside, audio from a CD reaches your ears at 16bit/44.1kHz. Audio from a DVD reaches your ears at 24bit/48kHz. Music does not suffer at 24bit/48kHz so is there any clear reason 24bit/48kHz never became the standard for all audio? Just curious.
I have recently given in to Spotify premium out of convenience. Their subscribers get to hear the audio at 320kbps, as opposed to the free 160 kbps. I wouldn't be able to tell the two apart with a ****ed and loaded gun to my head. I'm also willing to bet my life savings (which is around $15) on it that there's anyone out there who would flawlessly be able to tell the difference between a couple of flac, mp3, or 32bit/96khz master files through the same set of speakers. inb4 real amps vs modelers discussion
The end result for me is a pleasant sonic result, without audible compromises. MP3's being streamed through a nice high quality set of speakers will do just fine. Vinyl doesn't add anything to the experience for me. If anything I get distracted by the occasional pops/clicks/scratch sounds.