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Description: Short for Moving Picture Experts Group, and pronounced m-peg, is a working group of the ISO. The term also refers to the family of digital video compression standards and file formats developed by the group. ... MPEG algorithms compress data to form small bits that can be easily transmitted and then decompressed. MPEG-1 – Audio/video standards designed for digital storage media (such as an MP3 file) MPEG-2 – Standards for digital television and DVD video. MPEG-4 – Multimedia standards for the computers, mobile devices, and the web.