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Lossy vs Lossless
Processing power and storage space is very valuable on a computer. To get the best out of both, it can mean that we need to reduce the file size of text, image and audio data in order to transfer it more quickly and so that it takes up less storage space. In addition, large files take a lot longer to download or upload which leads to web pages, songs and videos that take longer to load and play when using the internet.
Compression addresses these issues. Any kind of data can be compressed.
There are two main types of compression: lossy and lossless.
Compression can be lossy or lossless . Lossless compression means that as the file size is compressed, the picture quality remains the same - it does not get worse. Also, the file can be decompressed to its original quality. Lossy compression permanently removes data.
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Additional Reading and Resources
https://www.keycdn.com/support/lossy-vs-lossless
https://en.wikipedia.org/wiki/Lossy_compression
https://www.geeksforgeeks.org/difference-between-lossy-compression-and-lossless-compression/
Mr Brown Computer Science: Lossy and Lossless (RLE) Compression