MPEG-1 Video is a standard for compressing video and audio data, developed by the Moving Picture Experts Group in the early 1990s. It was designed to provide decent quality video at lower bit rates, making it suitable for storage on CDs and for streaming over slow internet connections. The MPEG-1 format supports resolutions up to 352x240 pixels and is commonly used in applications like video CDs and early online video streaming. It laid the groundwork for later standards, such as MPEG-2 and MPEG-4, which offer improved quality and efficiency for modern video applications.