MPEG, sometimes called MPG, is a video file format popular for distributing content over the internet. It is the sister format to MP4 and MP3 because they share the same developer – Moving Picture Expert Group. MPG format uses either MPEG-2 or MPEG-1 compression, depending on the circumstance. Opening it is usually easy on any OS platform.
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DV (Digital Video) is a file created using a digital format and saved as raw data. A DV file contains 80-byte DIFs (Digital Interface Blocks), with each block having video, audio, and metadata. DVD files use lossy compression for videos, while sounds stay uncompressed. And although it was originally meant for tape recording, DV can also save data on hard disc drives and optical discs.
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