Examples of popular lossless formats used for storing music include:
FLAC, WAV, ALAC, WMA, etc.
Advantages:
Ripping two lossless audio files gives you an exact bit-for-bit copy of the original music CD. Convert it to any format and achieve the highest quality that format can support.
Disadvantages:
Compared to the formats like MP3, lossless formats are not well supported on hardware devices such as smartphones and tablets. Lossless audio files typically require more storage space than lossily encoded once.
Note:
Lossless compression is used in the zip file format. Some image file format like PNG or GIF, use only lossless compression, while other like TIFF and MNG main use either lossless or lossy methods.

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