MPEG/MPG is not actually a format but short for Moving Picture
Experts Group, a working group of ISO/IEC that develops video and audio
encoding standards. But in most cases MPEG is taken for the name of the
standard formats introduced by that group.
There are several MPEG formats, all standardized.
MPEG-1 is initial video and audio compression standard. The video quality of this standard is almost as good as a VHS tape.
MPEG-2 compared with MPEG-1, it has better quality of coding,
multi-channel sound and higher image resolution. Due to all this MPEG-2
became standard in digital television and DVD industry.
MPEG Audio Layer-3 is used for audio compression and creates almost CD
quality sound. Previous versions were MPEG Audio Layer 1 and 2. Today
most people know this format as MP3.
MPEG-4 was created to stream DVD quality video at lower data rates and
smaller file sizes. MPEG-4 supports video/audio "objects", 3D content,......