Ogg Vorbis is a free and open-source audio compression format designed for high-quality sound. It is often used for streaming and storing music, providing better quality at lower bit rates compared to other formats like MP3. This makes it a popular choice for online music services and applications. The format is part of the Ogg container format, which can also hold video and other types of data. Ogg Vorbis supports various bit rates and is compatible with many media players, making it versatile for both personal and professional use in audio applications.