LONDON (Thomson Financial) - Z Group plc said it is launching an audio compression software product that has the capability to quadruple the storage capacity of iPods, MP3 players and mobile phones.

The AIM-listed developer of consumer internet technology said the product, ShrinkMyTunes, has been licensed exclusively by Z Group for worldwide distribution.

The software works seamlessly with any MP3 player and takes under a minute to compress each track, said the company.

Jamie True, joint CEO of Z Group, said: ‘ShrinkMyTunes addresses important and specific needs for anyone with a music collection and will be particularly popular with owners of iPod minis and shuffles, as well as new iPhone customers. There are currently over 11 million people in the UK alone that own an MP3 player and this sector is continuing to experience high growth.’

ShrinkMyTunes will be available on the web and in HMV flagship stores from September for just under 20 stg, to be followed by a launch in retail stores nationwide.

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