Make big recordings small
WAV is uncompressed, so a minute of stereo sound takes about 10 MB. That is fine in a studio but awkward for email, messaging apps and phones. As MP3 at 192 kbit/s the same minute takes about 1.4 MB and still sounds like the original to nearly everyone.
Typical uses: recordings from a field recorder or audio interface, exports from a DAW, voice prompts, old CD rips and recordings from voice recorders that save WAV.
Pick the right quality
Use 256 kbit/s for music you want to keep, 192 kbit/s for everyday listening and 128 kbit/s or Mono for speech, podcasts and voice memos.
About WAV
WAV is uncompressed audio: large files, no further quality loss and opened by every editor.
About MP3
MP3 is the classic compressed audio format, supported by practically every device and app.