Mp3 is the most popular and widespread audio format. It was created by MPEG team in the 90s of the last century. MP3 format provides the quality of sound reproduction, similar to the original sound. The MP3 format is based on a lossless compression algorithm made to reduce the data size. In other words, music streams are compressed and deleted in the format that are somehow similar for listening on devices of common use.
WMA is an abbreviation of Windows Media Audio. The WMA format is designed by Microsoft as an alternative to MP3. The WMA format is characterized by good compression ability and competes with the audio format from Apple AAC. This file format is supported by many portable audio players like the most widespread and common MP3.