July 14, 1995: The MP3 file format receives its official name as the new .bit file extension gets changed to .mp3. The technology allows the compression of a standard CD .wav file to one-tenth its original size, courtesy of some smart algorithms.
The format will revolutionize the music industry — and put Apple on the road to world dominance.
The MP3 enables easy sharing of music tracks online and makes music more portable than ever. Apple’s iPod will become the world’s best-known MP3 player, quickly capitalizing on the new format.