MP3 is an audio coding format developed largely by the Fraunhofer Society in Germany under the lead of Karlheinz Brandenburg. It was designed to greatly reduce the amount of data required to represent audio, yet still sound like a faithful reproduction of the original uncompressed audio to most listeners; for example, compared to CD-quality digital audio, MP3 compression can commonly achieve a 75–95% reduction in size, depending on the bit rate. From Wikipedia
