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Detailed explanation-1: -MP3 files use lossy compression to reduce the size of an audio file.

Detailed explanation-2: -MP3 files are the most compressed, and are significantly smaller than Uncompressed or HD WAVs. These files are commonly used because their small slze allows lots of songs to take up a small amount of storage.

Detailed explanation-3: -Compressed lossless audio files are designed to squeeze audio data into a smaller file size. They still take up a lot of space, but the benefit is that you still don’t lose any audio data. Theoretically, this file type should sound identical to the aforementioned lossless audio files.

Detailed explanation-4: -MP3 is a popular audio file format that uses lossy compression to reduce the size of the file. With lossy compression, part of the audio data that is deemed to be less significant is discarded, resulting in a smaller file size.