MPEG-1 or MPEG-2 Audio Layer III, more commonly referred to as MP3, is an audio coding format for digital audio that uses lossy data compression. Videos encoded in MPEG-4 have various media container formats like MP4, Matroska (MKV), AVI, MXF, and QuickTime (MOV). MPEG-4 - is a compression method specially designed for low-bandwidth video/audio encoding purposes.
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