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.jpg (Joint Photographic Experts Group) The .jpg or JPEG format is a widely used method of lossy compression for digital images, especially for those images produced by digital photographyThe compression level can be adjusted, allowing a selectable balance between storage size and image quality. JPEG is commonly used for storing and transmitting photographs on the World Wide Web, and it's also a standard format used by digital cameras and other photographic image capture devices.
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Google developed the WEBP image format in 2010. According to their claim, this format can save files up to 34% smaller than the JPEG or PNG files. It allows saving images in both lossy and lossless compression. Yet, it is not supported by all image viewers.