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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M4R is a filename extension for AAC format, which is developed by Apple Inc. It is typically used to save custom iPhone ringtones from Apple iTunes. M4R can only be created from iTunes purchased songs and is usually DRM protected. It can open on iTunes, VLC Media Player, Apple QuickTime Player, and more.