Thanks! Yeah, lossy compression gets rid of a lot but at least most streaming services use a decent bitrate (160kbps-320kbps for Spotify, https://support.spotify.com/us/article/high-quality-streaming/) but most people will not hear the difference in quality because of eg poor laptop/smarphone speakers or no high quality headphones (I don't have some either). But it certainly does matter when editing and using a better setup! And I actually wrote this post because this was part of a class of my uni course :)
RE: Audio compression (simplified)