Lossless audio files are great for archiving your music. A while ago this would have been possible only for a small number of audio tracks, or for professionals who could afford a lot of storage devices.
However, hard drives are now so large that it is possible to store your entire CD, tape, and vinyl collections in the form of lossless audio, and still have space left to run your operating system, word processor, and games.
Because lossless audio files are an exact copy (in information - music - terms) of the original source, you can then use software that will process any of those lossless files into a lossy, smaller copy.
So if the MP3 format stops being the standard, you can just delete all your MP3s, and use software to create lossy copies of a different format, using the archive of lossless files you have built up.
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