MP2 (MPEG Audio Layer 2) is a Moving Picture Experts Group audio format that comes with a .mp2 filename extension. Like MP3, MP2 is a lossy format and is mostly used for sound broadcasting. Because a limited number of audio players support MP2, it’s best to convert it to MP3, which is a universal format.
MPEG-1 is a compression and encoding system defined by MPEG (Moving Pictures Experts Group). It creates multiple frame sequences of I, B, and P, with the I frame containing all picture data. The B and P frames only store information about the changes on the last I frame. Typically, MPEG-1 uses 1.2 Mbps data rate, which is the speed rate of CD-ROM.