There are multiple music formats to save sound files:
Uncompressed Audio Formats
WAV file format - Waveform Audio format, Used in CDs
AIFF File Format - Based on Interchangeable File Format, developed by Apple and is used in most Apple devices, Was introduces 3 years before WAV and was used in CDs
PCM Audio File - Pulse code modulation format, used in the CDs and DVDs
Lossless Compressed Audio Formats
FLAC Audio File - Stands for Free Lossless Audio Codec, Currently the alternate to the MP3 files.
ALAC File - Apple lossless audio compression technology, developed by Apple. Used in IOS devices.
WMA Lossless File - Windows Media Audio, developed by Windows, used by Windows users to save the files.
Lossy Compressed Audio Formats
MP3 File Format - Most popular file format, stands for MPEG-1 Audio Layer 3 and is used in almost every media-supporting device.
OGG File - Mostly associated with Vorbis files and is free and open-source. Never was a success because of the complex compression technique.
AAC Audio File - Stands for Advanced Audio Encoding, Used for files like .3gp, .m4a, .aac
WMA Lossy File - Reduces the size of audio while retaining most of the data, was not a success because was not open source and propriety of Microsoft.