Apple has open sourced their lossless audio format, ALAC under the Apache license, allowing improved 3rd party support. The codec is able to preserve the original quality of audio while compressing it up to 60 percent, making it far superior to the royalty ridden mp3 format. The format was reverse engineered quite a while ago, but having the source freely available is a huge plus for developers and audiophiles.
The Apple Lossless Audio Codec (ALAC) is an audio codec developed by Apple and supported on iPhone, iPad, most iPods, Mac and iTunes. ALAC is a data compression method which reduces the size of audio files with no loss of information. A decoded ALAC stream is bit-for-bit identical to the original uncompressed audio file.