I store stuff in flac lossless its compressed so size is smaller plus you can down convert from it to mp3 or what ever you want because its basic copy of your cd. when I do flac I store the (cue metadata file which describes how the tracks of a CD or DVD are laid out) and (m3u playlist) files to so I have all the info. Then I can do with it what ever I want dont need cd anymore.
FLAC (hi-res): This lossless compression format supports hi-res sample rates, takes up about half the space of WAV, and stores metadata. It's royalty-free and is considered the preferred format for downloading and storing hi-res albums. The downside is, itโs not supported by Apple (so not compatible with iTunes).
OGG (not hi-res): Sometimes called by its full name, Ogg Vorbis. A lossy, open-source alternative to MP3 and AAC, unrestricted by patents. The file format used (at 320kbps) in Spotify streaming.
MP3 (not hi-res): Popular, lossy compressed format ensures small file size, but far from the best sound quality. Convenient for storing music on smartphones and iPods.
(just info)