MP3 files are small in size than a WAV file, when an MP3 file is downloaded most information is lost and therefore, takes up less space on a hard drive than a WAV file. MP3 files are commonly used, as many MP3 files can be stored on devices or hard drives than WAV files, as WAV files take up more storage.
Overall,there are benefits of using a WAV file as the sound is at a better quality, but it takes up a lot of space. Whereas, an MP3 file is much smaller in size but the quality of the sound is not at top standard.
Source: http://www.bbc.co.uk/webwise/guides/about-mp3shttp://free-loops.com/what-is-a-wav-file.php
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