The Moving Picture Experts Group (MPEG) is an international standardization group that develops standards for audio and video compression and transmission. Established in 1988, MPEG aims to create efficient methods for encoding and decoding multimedia content, making it easier to store and share digital media. MPEG has produced several widely used standards, including MPEG-1, MPEG-2, and MPEG-4, which are essential for various applications like streaming video, digital television, and video conferencing. These standards help ensure compatibility across different devices and platforms, enhancing the overall user experience in multimedia consumption.