The co developers of the popular MP3 audio format have announced MP3HD, a lossless form of the MP3 which will be backwards compatible will current MP3 technology. The lossles MP3 will quadruple the file size offered by the lossy compression of traditional MP3 files, however will provide superior audio quality.
Source : http://www.techradar.com/news/audio/mp3hd-offers-next-gen-music-playback-587324
