MP4 is the world's default video: the file that plays before anyone has to think about it. It was born in 2001, the MPEG standards group, built on Apple's QuickTime design, and its real weak spot is very little day to day: as a container its quality depends on the codec inside.
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.