'''MP3''' (short for '''MPEG-1 Audio Layer 3''') is a set of audio decoding and encoding algorithms created by Fraunhofer IIS in Germany, which can achieve extremely high compression ratio with negligible loss in audio quality.
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'''MP3''' (short for '''MPEG-1 Audio Layer 3''') is a set of audio decoding and encoding algorithms created by Fraunhofer IIS in Germany, which can achieve high compression ratio with little loss in audio quality.
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Although newer codecs can offer higher compression ratio or higher audio quality for a given ratio, MP3 has remained popular due to its near-universial compatability.