FLAC
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FLAC is short for Free Lossless Audio Compression. It ios a codec and file format which provides a perfect quality audio file. Normally, FLAC files contain CD quality audio (a CD would be about 300 MB in size).
FLAC provides a smaller size of file than PCM WAV (about half the size), but very much larger than lossy codecs like MP3. MP3s are about 5-10% the size of WAV files, but are lower quality.