Apple (NASDAQ AAPL) may be onto something new and exciting as it looks to team up with the Legendary Band U2 in a bid to transform the music industry. Apple has been in a lot of positive news recently. After successfully launching iPhone6 and iWatch along with Apple Pay, Apple may have its eyes set upon the Music Industry next.

Apple is looking to launch a new Digital Music Format, which could potential change the dynamics of the industry on the whole. Along with U2, this venture of Apple aims to enhance the sales of albums and singles. Bono told the Times magazine he hopes the new digital music format in the works will excite consumers enough and generate music sales. Although this interview featured on U2’s official website, we are yet to get the exact details of the said venture.

In the interview, Bono explained how U2 will collaborate with Apple for the few years as an effort to transform the entire music industry. While it is not clear as to what the format would be, right now pono is the only one format which entices the music lovers enough.

Apple Inc (NASDAQ AAPL): Apple & The Music Industry

Pono is a unique prism-shaped music player that plays ultra-high resolution music in FLAC format. The famous Neil Young (who also happens to be chief executive officer for Pono) says the sound quality is like being in the recording studio with the band.

Apple already started to find new ways to appeal to audiophiles by remastering albums. The “Mastered for iTunes” series offers remastered albums with high-quality sound.

Bono elaborated on the project, “I think it’s going to get very exciting for the music business, an audiovisual interactive format for music that can’t be pirated and will bring back album artwork in the most powerful way, where you can play with the lyrics and get behind the songs when you’re sitting on the subway with your iPad or on these big flat screens. You can see photography like you’ve never seen it before.”

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Apple’s influence on the music industry has been great. For over a decade, the company has dominated the digital music market with iTunes. Last year the company launched iTunes Radio to cement its position in the market.

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