UK company Zgroup claims to have perfected technology which allows digital audio files to be shrunk to one quarter of their original size. Forgive us if we're a little doubtful.

Company CEO Jamie True said in a press release today, "'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."

The product will reportedly be available online and through HMV stores this fall.