MP3 stands for MPEG Audio Layer-3 and it represents a compressed audio file format. Released in 1993 by the Moving Picture Experts Group, it was part of its MPEG-1 and MPEG-2 standards.
MP3 audio files generally use a compression algorithm to reduce the overall file size. That’s commonly known as the lossy format due to the fact that some of the source’s original data gets lost during the compression process.
In spite of this major disadvantage, MP3 files are used to create and share podcasts, store a large number of songs on a drive, and get songs instantly by purchasing them from music-sharing services.