mpeg Being the most broadly compatible audio and video container format from the lossy class of containers, the MPEG standards are supported by numerous audio and video products and software applications. The standards were designed to meet the growing need for digital storage of audio and video media. They both utilize a lossy compression to scale down VHS quality digital video and CD audio. The two formats, mpeg-1 and mpeg-2, are the result of the combined efforts of the moving picture experts group which was established in 1988. The mpeg-1 has its beginnings in the same year, with an initial release to public in 1993.