There are multiple audio formats used in a variety of ways. Quality is affected by the type of compression the file is under. The three types of compressions are Lossy File Formats, Lossless File Formats, and Uncompressed File Formats. They each have their pros and cons. While one might give you better sound quality, it also has a larger file size. If you are not using expensive headphones or anything meant for studio works, you might not notice the difference between them. Here is a link that I used to discuss these pros and cons.(Common Audio File Formats)

MP3 files are the most standard format for audio files. They work for most devices, but MP3 files lose sound quality because of their convenient compressed files that you can easily store in your hard drive without giving up too much space. MP3 files can be made with multiple bit rates, but most common are only up to 16-bit rate. Places like Amazon still use these formats for their sites, and even though its lower quality, it still holds up as the most widely used.

Compared to MP3 files, Advanced Audio Coding (AAC) files are a much higher quality, with the same bit rate. This is usually around 256kbps.This has been around since 1997 and is widely used from popular websites like Youtube, iTunes, and PlayStation devices. This also takes up very little space and is a good format when streaming.

Compared to the previous audio files I mentioned, Waveform Audio Files (WAV) is the highest quality out of the three. This can be used all the way up to 192kHz from as low as 24-bit. WAV files are strongly suggested for people who do video projects. This is mostly popular on windows-based platforms and is considered a raw format. Here is an article i used to reference this. (The best audio file for audiophiles).

WAV is also an uncompressed file, whereas the MP3 file is considered a Lossy compressed file. Lossy compressed files simply mean that the quality is a lot lower than normal because of how small the file gets compressed to. This type of compression provides you with smaller file sizes. Uncompressed files is higher quality, but the file will be larger which can be an impact for the device you are adding it to. Here is a link with another referenced article. ( The 10 Most Common Audio Formats: Which One Should You Use?).

Below is a link to another great article that I referenced for my research and featured image I used. Below is also a video further explaining the variety of audio file formats.

Everything You Need to Know About Audio Formats.