I know that audio is especially important to some - after going near 2 months almost deaf while waiting for new implanted tech to restore my hearing… I cried when I put on my Sony studio master headphones, loaded Virtual DJ and mixed 4 hours of trance just for myself.
All of my collection is in AIFF format or 320K MP3 if AIFF or WAV isn’t available. I now have hearing more in line with an above average TEENAGER - vs what I hoped to someday have again, that of an average 52 year old - and I am saying that with the right choices in codec you can have cake and eat it too.
For those wanting to do live performances with collaborators not all within a few mS ping time - the answer is time coded streams - yes - it’s complex, but, if all performers use NTP to sync local clocks and embed time code data into stream then - at the assembling end (audio mixer) it finds the participant with largest delay and syncs streams to MATCH giving ability to sound as if you’re all in the same physical location.
There’s no free lunch in all this - you can’t break laws of physics, well, not unless you have some spare quantum entangled inet links about (do you? > . <), but, using technology effectively - you can make it sound as if you can.