Before changing his formula I would try:
*Feeding him upright making sure no air is getting in the teat (so make sure there is always milk in the teat and you're not letting air in)
*Rub/Pat his back for a good 10mins or so after the feed to make sure you get up and wind (I would pat DS1 for a good 20minutes to make sure I got it all up) Also, after patting/rubbing his back, lean him back then sit him up again I found this really helped with getting a burp out.
*What teats/bottles are you using? Make sure they are not too fast flow for him- even look at changing- I used Tommee Tippee closer to nature (i think) for DS2.
I agree and also think you should try these things also before changing formulas. With newborns you need to burp several times a feed too, not just once at the end and find a method that works for you and your bub. I used to lay my girls down for 30-60 seconds then gently bring them upright again, a few pats and guaranteed a burp wink
You can do this either still holding bub in your arms and lay down in your lap so they are flat or lay them down on the lounge. Can also try rubbing the back from the bottom upwards to help bring up the burp. Bottles and teats can make all the difference too, Avent were no good for either of my girls but tommee tippee were. How tight you screw the lid back on matters too, the tighter its on the harder they have to suck, the looser it is the milk will flow faster.