> I’d wait for some clever chap who can upload vinyl recordings without the compression distortion of mpeg (or whatever the current compression standard is)
That's been around for years. Take a look at FLAC. It's a lossless compression that unpacks to the original signal on playback. It's also compatible with high resolution audio - the kind you find at places like www.hdtracks.com.
There's also MQA, which Meridian Audio has been pushing in the last few years. It's a compression method that seeks to make streaming high resolution audio more practical. The technology has to be licensed from Meridian, though. I won't get into whether or not it's worth it, since I have no personal experience there.
If you're listening on your phone, though, high quality mp3 is most likely as much as you'll need.