FLAC is an excellent lossless audio format that can reduce an audio around 60% of its original size. It is also under open format license.
The problem can come when we try to play that audio on a player only accepting MP3 format.
One of the solutions is FlacSquisher that can convert not just a single audio file but entire directories, maintaining its structure, to MP3 or Ogg Vorbis from FLAC files.