File formats are designed to store specific types of information like images, audio, and video. Common audio file formats include MP3, WAV, WMA, and Ogg. MP3 provides near CD quality audio using lossy compression, while WAV stores uncompressed audio. Common video file formats are AVI, WMV, MOV, and MP4, with each having different capabilities for compression, quality, and compatibility. Common image file formats are JPG, TIF, GIF, and PNG, with each having different strengths around compression type (lossy vs lossless), color depth, and compatibility.