Universal Records, Sony Music, Warner Music, and EMI have announced plans to roll out their own file format later this year to replace the popular MP3 format.

The labels have joined together to introduce the CMX format.

The major labels have reportedly been working on the new format for years and hope to sell a single file that will include tracks, lyrics, album art, and music videos.

In a move sure to hurt any momentum the new format gets, Apple has announced they too are making their own file format.

The CMX format will reportedly begin to show up on select album releases later this year.

On a side note, not event the labels behind CMX are confident in the CMX format, stating they are “not going out in force” with it’s release.