I am confused with the format of audio files particularly the wav and mp3. One song in the wav format is around 30 mb. When converted to mp3, the same song will have a file size of 3 mb. That's a big difference in terms of storage space. Now my question is this - why the need for the bigger wav format when the smaller mp3 can serve the same purpose? I have asked around and most of them say there is no difference in the sound. Any opinion?
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