Lossy VS lossless compression

Features in common:

1. A compression algorithm is used
2. The purpose is to reduce the size of data/files
3. Less storage capacity will be needed to store the data/files
4. Less time it will takes to transfer the data/file

Differences:

Lossy:

1. some data will be removed
2. the original data/file can not be restored after decompression
3. usually much smaller size of data/file can be produced
4. usually used to compress image, sound, video
5. the quality of image/sound would be reduced.
6. Perceptual shaping is used.

Lossless:

1. not data lost
2. the data/files after decompression are exactly the same as the original
3. usually used to compress text, data sheet

More details about lossy compression of images and sound

Lossy compression of images:

1. color depth can be reduced
2. image resolution can be reduced
3. image can be cropped.
4. Number of colors can be reduced

Lossy compression of sound:

1. Sample rate can be reduced
2. Bit depth/sample resolution can be reduced
3. Sound that can not be detected by human ears can be removed