Iconic rock star Neil Young has secured more than $1.5 million in Kickstarter pledges to launch PonoMusic, the singer’s new high-fidelity music store and player which promises to deliver studio-quality sound quality to audiophiles.

Backed by endorsements from Sir Elton John, Bruce Springsteen and Sting, Young, 68, unveiled Pono at the SXSW music convention in Texas, the Independent said.

The player will play other digital files, but you need to buy new high-res tracks, and it won’t accommodate streaming music services like Spotify.

“It’s a stupidly simple concept,” Mr. Young told Wall Street Journal. “The fewest amount of pieces, absolute best quality, doing one thing extremely well.”

According to a presentation by Nielsen at SXSW, 68% of U.S. consumers streamed music in 2013; services saw a 40% year-over-year increase in listening. “Digital consumption has reached the masses, with a majority of consumers in the U.S. streaming music last year,” said Nielsen’s David Bakula in a statement. “The change in consumption requires us to continually evolve how we measure and define success.”