This sure sounds like a tongue in cheek article and perhaps an "April Fools" joke?
And now, Introducing....
The next big thing, it looks like.
http//www.sweetwater.com/insync/sweetwater-joins-industry-in-rallying-behind-new-audio-format/
http//www.sweetwater.com/insync/sweetwater-joins-industry-in-rallying-behind-new-audio-format/