MP3 becomes official king of music

Since it became an official standard in 1991, Moving Picture Experts Group -1 Audio Layer 3 (or MP3) has proven popular due to the fact that it is easily transferable, good quality and cheaper than hard copies. So far it has been unpopular with record companies as a result of the close links it has to piracy, but recently Atlantic Records said that over 50% of their revenue was coming from digital sales.