MP3 is a compressed audio file format that allows for near-CD quality sound in small file sizes, making it popular for storing and sharing music online and on portable players. It was developed in the early 1990s as part of the MPEG audio standards and became widely adopted as music sharing grew on the internet and peer-to-peer networks. Converting audio from a music CD to the MP3 format is called "ripping" and can be done using software like iTunes. While MP3s only support audio, MP4 is a more advanced format that can contain audio, video, images and text, making it a true multimedia format that may replace MP3 as devices increasingly support more media types.