MPEG-1 or MPEG-2 Audio Layer III, more commonly referred to as MP3, is a patented 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 of digital audio compression for the transfer and playback of music on digital audio players.The MP3 player is the most recent in an evolution of music formats that have helped consumers enjoy their tunes. Records, 8-track tapes, cassette tapes and CDs -- none of these earlier music formats provide the convenience and control that MP3 players deliver.