The MP3 format has officially been discontinued. The rights owner has terminated its licensing program.
The Fraunhofer Institute released the statement stating that it will move to other formats in the future.
“Most state-of-the-art media services such as streaming or TV and radio broadcasting use modern ISO-MPEG codecs such as the AAC family or in the future MPEG-H. Those can deliver more features and a higher audio quality at much lower bitrates compared to MP3,” the Institute stated.
The impact of the discontinuation on the music industry is yet to be felt. Currently the AAC is the standard format when it comes to audio, but other formats like WAV and AIFF are being used by top djs.