As a heads up, devs can use formats such as OGG Vorbis to compress audio (completely FOSS & patent-free forever!) with widespread easy native library support on multiple platforms (even mobile!).
For standard file compression, I'd highly recommend the 7-zip format compression using LZMA2. I'll link the settings I use here; provides a nice balance between compression speed and compression size. I tested using a variety of files and these settings are the ones I've found to work the best for me on a slightly-older desktop PC build. My Steam Profile has my hardware specs for those who are curious.
As an extra bonus, the 7-zip format is also fully FOSS and also has native libraries for a variety of platforms :)