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 Definition: MPEG-1 Audio Layer 3, more commonly referred to as MP3, is a digital audio encoding format using a form of lossy data compression.
It is a common audio format for consumer audio storage, as well as a de facto standard encoding for the transfer and playback of music on digital audio players.
MP3 is an audio-specific format that was co-designed by several teams of engineers at Fraunhofer IIS in Erlangen, Germany, AT&T-Bell Labs in Murray Hill, NJ, USA, Thomson-Brandt, and CCETT.
It was approved as an ISO/IEC standard in 1991.
Source: Wikipedia (http://en.wikipedia.org/wiki/MP3)
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