MKV is the format that hoards: video, a dozen audio tracks and every subtitle, all in one box. It was born in 2002, the open-source Matroska project, and its real weak spot is playing on TVs, iPhones and editors that never learned to open the box.
MP3 is the format that taught music to travel: small, scrappy, and welcome absolutely everywhere. MPEG-1 Audio Layer III. Perceptual coding: it throws away the parts of the signal your ear is least likely to miss. That makes it the right destination when what you need is playing on anything with a speaker, from new phones to twenty-year-old car stereos.