MP4 files (MPEG-4 Part 14) are multimedia files. MP4 is a container format that can store video, audio and subtitle data (as well as more depending on content). Since stores like iTunes uses this container format, and it is used with iPod and PlayStation Portable (PSP), MP4 files have become more common.
MPEG-4 Part 14 or MP4, formally ISO/IEC 14496-14:2003, is a multimedia container format standard specified as a part of MPEG-4. It is most commonly used to store digital video and digital audio streams, especially those defined by MPEG, but can also be used to store other data such as subtitles and still images. Like most modern container formats, MPEG-4 Part 14 allows streaming over the Internet. A separate hint track is used to include streaming information in the file. The only official filename extension for MPEG-4 Part 14 files is .mp4.
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MPG is commonly associated with video and audio compressions MPEG-1 or MPEG-2. This is designed to compress audio and video to formats that can be downloaded. Movies with this extension are of lower sizes and greater quality, but quality differs from original VCR videos. This file format can run on Mac, Windows and other portable devices.
MPEG-1 is a standard for lossy compression of video and audio. It is designed to compress VHS-quality RAW digital video and CD audio down to 1.5 Mbit/s (26:1 and 6:1 compression ratios respectively) without excessive quality loss, making video CDs, digital cable/satellite TV and digital audio broadcasting (DAB) possible. Today, MPEG-1 has become the most widely compatible lossy audio/video format in the world, and is used in a large number of products and technologies. Perhaps the best-known part of the MPEG-1 standard is the MP3 audio format it introduced.