It's a shame that the music industry hasn't had a similar revelation. I'm tempted to be cynical and accuse them of fear and greed, but more likely "open data" just isn't something they think about.
The OpenOffice formats were going through standardization and Microsoft quickly bought their way through the standards process (this part I remember). There was a lot of complaining of how they exploited the particular standards' body. They bought seats, that then sat vacant after they got their standard pushed through, and couldn't meet quorums on other standards being voted on.
There were also many complaints about the Microsoft standards themselves. Particularly, that you couldn't implement support for the documents based solely on their standard.
Correct me if I'm wrong.
http://www.antipope.org/charlie/blog-static/2013/10/why-micr...
Recording 16 tracks at 96/24 is 4.6MB/sec.
A typical 3 minute pop song is almost 1GB.
If you're keeping multiple takes that will obviously balloon tremendously.