Quick guide
About WAV and MP3 files
WAV - Waveform Audio File Format
WAV stores audio with very little processing, which makes it useful for editing, archiving, and production workflows. WAV files are usually larger than compressed formats like MP3 or AAC.
MP3 - MPEG-1 Audio Layer III
MP3 is a compact audio format that works almost everywhere. It is a good choice when you want a small file for music, voice recordings, podcasts, or sharing audio online.