Fraunhofer IIS has been working in audio coding and multimedia technology for more than 20 years and is universally credited with the development of mp3 and co-develeopment of AAC. More than 1,000 companies have licensed the institute's product ready audio software. Fraunhofer IIS estimates that it has enabled more than 5 billion commercial products - from smartphones to aircrafts - using its mp3, AAC and other media technologies.