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
MKV is a container format for holding multiple audio, video, picture, and text data such as subtitle tracks. It is similar to other common containers like MP4 and AVI, although MKV is open in the specification. For video contents, MKV uses a .mkv filename extension, .mka for audios, and .mks for subtitles.
MPC-HC, KMPlayer VLC Media Player MKV File Player MPV