The document introduces the JPEG and MPEG compression standards, emphasizing JPEG's powerful yet lossy compression method for photographic images, which involves several steps including color space transformation, DCT application, and entropy encoding. It details the process of JPEG compression, highlighting the transformation of images into data blocks and the balancing act between file size reduction and image quality. MPEG is briefly covered as a standard for compressing moving images and audio, with applications in various media formats like .mp3 and .mp4.