The MP3 (MPEG Audio Layer III) format is a widely used audio compression standard that significantly reduces the file size of digital audio while maintaining a perceptually acceptable level of quality. MP3 achieves compression by removing redundant or irrelevant portions of the audio signal. It is renowned for its balance between compression efficiency and audio quality, making it the standard for portable music players, online streaming services, and digital audio distribution. MP3 files typically have the .mp3 file extension and are compatible with a vast range of devices and software platforms.