MPEG-1 and/or MPEG-2 Audio Layer III, more commonly referred to as MP3, is an audio coding format for digital audio which uses a form of lossy data compression. It is a common audio format for consumer audio streaming or storage, as well as a de facto standard of digital audio compression for the transfer and playback of music on most digital audio players and computing devices. The use of lossy compression is designed to reduce by a factor of 10 the amount of data required to represent digital audio recordings yet still sound like the original uncompressed audio to most listeners.