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Music made portable – MP3 compresses files to a manageable size, MP3 lets you take your music pretty anywhere either on a portable or car player.

Turns your computer into a jukebox - You can easily store, manage and play MP3 files with graphically visual player on your computer making it into juke box of your favourite tracks.
Share MP3 files easily - Because of the size of MP3 files you easily transfer either via physical (CD-r) or electronically (over the Internet).
Easy to create custom CDs - With your collection of MP3 files you can make custom CDs of your favourite tracks.
Easy to transfer over the Internet - With slower Internet speeds, MP3 files makes it easier to transfer.
Music quality lower than CD quality - Even with higher birate used to encode your MP3 files but still not as good as CD quality sound.
Publish and distribute your own music instantly over the Internet - You can record & mix your music using a computer and easily publish and distribute your music without spending thousands of dollars for packaging and promoting you are your music.
Promoting your music online – Promoting your music online can be achieved in several ways posting MP3 files on a website, newsgroup, or sharing them through files sharing networks (Napster like programs).
Advantages & disadvantages for record companies:
Reduces distribution & production cost - Companies can reduce production & distribution moving from creating music and distributing on physical media such as CDs or cassettes.
Promotions made easy - Record companies can simply create a web site for the artist and allow sample downloads of the artist.
Direct sales to customers via the Web - Customers can buy and start downloading their favourite tracks straight away from artist or record company web sites.
The above are only a few advantages and disadvantages for the music enthusiast (you), artist and record companies.