AAC was design to be the successor to MP3 and AC3. Multiple companies including Sony, Philips, JVC Kenwood, Panasonic, Bell Labs, and Dolby labs contributed to it’s creation. It was adopted as an international movie standard in the late 1990.(96 I think.) It is also one of the very few codex that is lossless and can be used for both music production and telephony apps which makes it great for digital TV and streaming.
