Waveform Audio File Format (WAVE, or more commonly known as WAV due to its filename extension), (also, but rarely, named, Audio for Windows) is a Microsoft and IBM audio file format standard for storing an audio bitstream on PCs.

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Convert WAV to MP3 with Lame + add ID3 tag from file name

I use an applescript in Automator to create a service and lame encoder to right click and convert to MP3 (will post code below). on run {input, parameters} if input is not {} then set posix_file ...