It's actually quite suitable when storage space is limited. Now, this doesn't mean lossy audio doesn't have its place. These audio storage methods work to reduce the file size by discarding some data that is deemed "insignificant." Some of the most popular Lossy compression methods are MP3 and AAC. Lossless audio files are of the highest resolution, streaming with a high sample rate and bit depth since they haven't been subjected to lossy compression methods.
It allows users to listen to high-quality audio files without data loss, as you'd find in typical lossy streaming. Lossless streaming is a relatively new feature offered by select streaming platforms.
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