I CANT SPEND 100 BUCKS ON A PROPER HDD
I WANT TO STORE MY MUSIC IN A FORMAT DESIGNED FOR LOW LATENCY AUDIO CALLS
MUH 1 PERCENT REEEEEEE
ENJOYMENT
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lmao what a shit thread.
Let's not let a thread die for this.
In general you want to store your music on your PC in the highest possible quality. The space usage is not that high actually and you can convert it to lossy formats quickly whenever you want. There is no reason to actually archive in lossy formats, it kills the whole point of archiving. Let's hope you won't listen to music forever with earbuds and you will experience the joys of high quality audio. SD cards and other places where the space is limited and the audio quality is shit anyways is why you actually convert to lossy formats. Anybody who says otherwise is literally a deaf nigger. Let's see the codecs.
mp3
Babby's first format. It's an ancient format and there are better alternatives now. The advantages are extensive tagging, total support pretty much everywhere and high space-efficiency. The highest 320k setting is actually pretty crisp and doesn't take up that much space. Converting to higher bitrates is technically possible, but unsupported and generally pointless. Also VBR is a pretty cool thing, no idea why is it so rarely used. Still, the retarded license (now not relevant) and the dated algorithms make this a deprecated format.
opus
Opus was never designed to be a storage format. Storing music in Opus is a forced meme, literally even MP3 is better at this task. I hope none of you are actually using Opus.
The main advantages of Opus compared to Vorbis for example are low latency, the possibility to use extremely low bitrates and optimization for speech as human voice is still comprehensible at very low bitrates. None of these are particularly useful for storing music. Even the shittiest portable players can play MP3 files quickly. If you are okay with less than 128k music files, consider buying new ears.
As you can see 128k Opus files actually larger than 128k MP3 files, making the shitty and patented MP3 BETTER at low quality and efficient storage, the whole point of lossy formats. At higher bitrates the Opus is on par with MP3 in terms of size and actually decodes faster. Not that it matters. Storing Opus at that quality is a waste and the hardware support for Opus is still non-existent, especially on phones or portable players, where you'd want to store lossy music. Only use Opus for storing speeches at low bitrates, as it was intended.
vorbis
Vorbis was meant to be the successor of MP3 and it's actually doing quite a good job at it. It's made by the same guys as FLAC and Opus, so you know it's good. Vorbis cannot support THAT low bitrates (around 48k is the lowest) as Opus and is slower, but uses a much more efficient encoding than MP3 and Opus. It's the clear winner in both the 128k and the 320k tests. Also it sounds much better at the same bitrate than the others. The support for Vorbis is actually pretty good now and many players support it now out-of-box, even on phones. If you want to store music lossy, use Vorbis.
aac
There's AAC too, but it's licensing and support is a mess and it's not even that good as a format. ffmpeg couldn't even convert to AAC the last time I tried. It seems to be only used on Youtube, TV, iTunes and other proprietary shit. What a waste. Wouldn't recommend.
It might worth mentioning that Monkey's Audio is actually a little bit better than FLAC at compression. The disadvantages are higher RAM and CPU usage, barely any support (FLAC is even supported on Win10) and has a retarded donutsteel license which prevents it from being properly supported on Linux. I wouldn't recommend it, but you may check it out if space is REALLY that much of a concern. 1-2 MBs per song can rack up quickly.
For the reference; the average size per minute for different formats is around...
Vorbis is around 5-7% smaller than MP3 at the same bitrate and has better quality. Also 100 hours of 16bit FLAC audio only takes around 32 GB of space. Even the ancient 320 GB HDDs can store almost 1000 hours of pure FLAC. You just can't flak the FLAC.