July 7, 1994: I3enc Released (a.k.a. MP3)
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1994 – The Fraunhofer Institute for Integrated Circuits (IIS) released I3enc – otherwise known at MP3. This is also known as MPEG-3. The MP3 moniker did not get chosen until July 14, 1995 (it was .bit before .mp3). MP3 is still licensed to Fraunhofer Institute – therefore, you must pay a license fee to use the popular .mp3 format. There is an open source format .ogg vorbis.
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