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About Audio File Formats
Audio can be stored uncompressed, as with .aiff and .wav files. Lossless
compression schemes, as used in .flac files, preserve the original
sound quality by only removing unnecessary and redundant data. MP3, by
far the most popular audio format, removes data using a lossy scheme
which results in a slight loss of audio quality but significant
compression. The AAC format is capable of better audio quality than MP3
in the general bit rate range, at the cost of less compression ability.