JPEG: JPEG (Joint Photographic Experts Group) is a commonly used lossy compression format for images. It selectively discards certain image details to achieve higher compression.
MP3: MP3 (MPEG Audio Layer-3) is a popular lossy audio compression format. It removes sounds that are less perceptible to human ears, resulting in smaller file sizes.
Bitrate: Bitrate refers to the amount of data processed per unit of time in a compressed file. In lossy compression, lower bitrates often lead to more significant data loss and lower audio/video quality.