RAM (Real Audio Media) is a flexible audio format developed by RealNetworks in 1995. Initially, it was intended to stream audio/video clips over the internet. It is designed in a way that users can listen to content while the file is still downloading. Today, many radio stations use it to broadcast content online.
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M4B is an audio filename extension for AAC format, which is developed by Apple Inc. It is mainly used on podcast and audiobook files. Typically, M4B files contain audio and other metadata like images, hyperlinks, and chapter markers. M4B files are DRM copy-protected and can be opened on Apple iTunes and QuickTime Player.