MPEG-3 or normally referred to as MP3 is a format that compresses the images and audio without any loss in the quality of the image or sound. MPEG-3 is a lossless compression and so even after compression there is no loss of data. An audio or a video file can be converted to this format.
MP3’s are more popular as they are easy to convert and also as it is the preferred format for ripping off CD’s due to the small size of the files. The CD, which contains in an uncompressed format, are very big in size. When the same file is converted to MP3 it is reduced to only a few MB in size making it convenient to rip the CD’s. WinAmp is the most popular MP3 player that not only plays MP3 files, but is also free and offers a host of features like graphic equilibrium and an integrated CD player and a browser.