Compared to an uncompressed audio format, like a WAV or FLAC (there we go, got the audiophiles back) compressed audio files, like MP3s, are often 10 times smaller.
So if you're an audiophile, you're probably not going to be interested in Beats at all, however, in 2018 I'm curious to see how much things have changed as actually some of these were a little bit surprising to me.