source:
http://www.theregister.co.uk/2005/07...enth_birthday/
Quote:
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on 14 July 1995 Germany's Fraunhofer Institute chose to use the .mp3 extension for files holding audio data encoded using the MPEG standard's Audio Layer 3 specification. The MPEG Audio Layer 3 codec was standardised in 1992.
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Blimey - 10 years old already!