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Here is a good aticle on lossless audio compression
Although lossless audio compression is not
likely to become a dominating technology,
it may become a useful complement to lossy compression
algorithms in some applications. This is because,
as we will see, lossless compression algorithms rarely obtain
a compression ratio larger than 3:1, while lossy compression
algorithms allow compression ratios to range up
to 12:1 and higher. For lossy algorithms, the higher the
compression ratio becomes, the lower the resulting final
audio quality, but when the lowest possible data rate is required,
lossy techniques are the only alternative.
However, lossless audio
coding of stereo CD quality digital audio
signals sampled at 44.1 kHz and
quantized to 16 bits could become an essential
technology for digital music distribution over the
Internet because some consumers will want to acquire the
best possible quality of an audio recording for their
high-fidelity stereo system. Lossy audio compression
technologies such as MPEG or MP3 may not be acceptable
for this application.