The four major labels have announced plans to unveil a new digital album format -- tentatively titled CMX -- that would include songs, lyrics, videos, liner notes, artwork and possibly other bonus content such as ringtones. This news comes on the heels that Apple is working on an in-house alternative to the format called Cocktail. A representative from one of the labels elaborated on the format:

"Ours will be a file that you click on, it opens and it would have a brand new look, with a launch page and all the different options. When you click on it you're not just going to get the 10 tracks, you're going to get the artwork, the video and mobile products."

Given that Apple is building their own alternative to the format, it's unclear if CMX will be compatible with iTunes, iPods and other Apple products. The labels plan to give CMX a soft launch in November, starting with a few selected releases.