When you create a CD-quality recording of an audio track, each minute is about 10 megabytes of data. That may not sound like a lot now that everyone is packing terabyte hard drives, but it would still put a pretty serious strain on the tubes if everyone were downloading CD-quality music all the time. To allow us to compress audio files, the process of creating mp3s uses Fourier transforms to split a track up into 576 frequency bands. Within each of these bands, everything that is inaudible to humans is thrown away.
Fourier transforms allow us to store sound simply by tracking the intensities of different frequencies (Source).
Combined with other techniques, Fourier transforms allow us to take those 10 megabytes/minute of CD-quality audio and compress it down to 1 megabyte. Without them, the digital music industry probably just wouldn't exist.
Nice job!
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