1. The committee charged with the development of standards for coded representation of digital audio and video signal transmission. The standards as they are developed are accepted as ISO/IEC standards. These include: MPEG-1, the standard used for the coding of information on video CDs and in MP3 audio files; MPEG-2, the standard upon which digital television set top boxes and DVDs are based; MPEG-4, the standard for fixed and mobile web multimedia information transfer; and MPEG-7, the standard for the description and searching of audio and visual content of files, films, and audio tracks. The group has also developed MPEG-J, the framework for MPEG Java-based application programming interfaces, and is currently working on MPEG-21, a multimedia framework.
2. A family of video compression algorithms widely used in digital broadcasting and storage.
http://mpeg.chiariglione.org Website of the Moving Picture Experts Group (MPEG)