MP3 is a standard audio format developed by Moving Picture Experts Group and uses MPEG-1 and MPEG-2 standardizations. MP3 uses lossy data compression, meaning that it loses quality over time. This sound format comes with a .mp3 filename extension and is today the most common audio format on websites and multimedia players.
Windows Media Player iTunes, Mplayer VLC Media Player
APE (Monkey’s Audio) is a lossless audio file format released in 2000 by Matthew T. Ashland. Because it’s a lossless sound format, it doesn’t lose data during compression, unlike other standard formats like AAC, MP3, and Vorbis. However, Monkey’s Audio is available on PC only. To play APE on Mac OS X and Linux, you’ll need a third-party plugin like JRiver Media Center.