MPEG is a file format that features MPEG lossy compression of both video and audio files. MPEG is also the most widely used multimedia lossy compression algorithm, so that music videos and movie trailers distributed over the Internet are usually encoded as MPEG files.
The advantage of using the MPEG multimedia compression format is that the resulting files will still preserve the quality of the initially uncompressed multimedia files.
By default, MPE playing apps will only allow their users to open and view/listen their MPE multimedia files without offering any other extra editing capabilities.