Audio compression is a process that reduces the size of audio files without significantly affecting their quality. This is achieved by removing unnecessary data or using algorithms to encode the sound more efficiently. Common formats for compressed audio include MP3, AAC, and OGG, which allow for easier storage and faster streaming. There are two main types of audio compression: lossless and lossy. Lossless compression retains all the original audio data, ensuring perfect quality, while lossy compression sacrifices some audio quality for smaller file sizes. Both methods are widely used in music streaming services and digital audio storage.