All audio formats can be divided into 3 large groups:
1. no compression, no loss (AIFF, WAV);
2. there is compression, no loss (FLAC, Apple Lossless);
3. there is compression, there is loss (MP3, OGG, AAC).
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Audio files are compressed to reduce their size. For example, there is an audio file with a duration of 3: 39. In WAV 24-bit, this file will take up 76 MB, in FLAC 24-bit-52 MB, and in MP3 320kbps-only 8 MB. The difference is significantly noticeable.
Compression is the process of reducing the digital stream due to signal parameters. Most compression methods are based on the imperfection of human hearing. When compressing audio files, those components that are particularly indistinguishable are removed.
Of course, there are societies of audiophiles who listen to music exclusively in the highest playback quality, but for some this is too much. (Apologies, gentlemen audiophiles)
There are certain indicators that are responsible for audio quality:
bit rate and sampling rate (lossless sound)
bitrate (lossy sound)
This means that the higher the bit rate and sampling rate, the better the sound will be. For example, the sound of 32 bit and 192 kHz will be very high quality, but few people will notice the difference. You can only hear it on very high-quality equipment, and then not always.