Although, as much digital information is stored as on a CD, it is up to 30 per cent more space-saving. This is made possible by a “smarter” compression process. In terms of quality, they are on a par with a conventional CD but occupy far less storage space. New standards are lossless formats, especially the open-source format FLAC. This opens up many more possibilities for digitising music files. However, storage space is now much cheaper than it was ten or fifteen years ago.
The MP3 file was a small revolution: when digital storage space was still scarce and expensive, it paved the way for the distribution of digital music.
A short history on the audio files: from MP3 to FLAC
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