MP3 is patented audio encoding format for digital audio or as MPEG1 or MPEG-2 Audio layer III. It is called a lossy data compression and a most common audio storage for digital audio compression. It was developed and designed by the Moving Picture Expert Group. This format is mostly used for transfer and playback of music. This audio format is designed to reduce the data of large files. It is a widely used and a popular audio format among users.
An mp3 file can also be constructed at high and low bit rates with high and low quality settings. The compression works by reducing certain parts of accuracy of sound that considered beyond the auditory ability of most people. This compression is called as a perceptual coding. Some psycho acoustic models are used in it to disallow or reduce components that are less audible to human ears and record the remaining part in built audio manner.