FLAC
FLAC (Free Lossless Audio Codec) was developed in 2000. This format allows lossless but compressed storage of digital audio files. The algorithm used in FLAC reduces the file size between 50 and 70 percent compared to uncompressed files.
FLAC is an open and free format with no license fees. FLAC is very well suited for archiving audio files, as it provides high quality and various metadata can be embedded in the file.
Advantages:
- lossless
- open format
Disadvantages:
- lower efficiency compared to more modern lossless formats
http://www.loc.gov/preservation/digital/formats/fdd/fdd000198.shtml