Listen to U2 on iHeartRadio

U2 is putting album and tour plans on hold. says the veteran rockers have pushed back plans for both until 2015 citing the need for more time in the recording studio. 

U2 has been working on a new album for months with much anticipation for a release date this year.  But a source says it seems to be taking longer for them to finish their latest offering, adding that the band still hasn't found what it's looking for in trying to capture "that magic" it's used to capturing. 

U2 guitarist The Edge told "Rolling Stone" last year that the band had 30 songs in various stages of recording but said  U2 lives by the rule that they won't let go of anything until they are 100 percent happy with it. 

U2 performed last week at the 86th Academy Awards where their song "No Ordinary Love" from Mandela: Long Walk To Freedom was nominated for Best Song.  The Oscar eventually went to the song "Let It Go" from the soundtrack to the Disney animated movie Frozen.

Photo Credit Getty Images