One of the oldest and good digital audio format for music is MP3 format which compresses the Wav audio file to a small size. This is done by deleting all the inaudible frequencies from the audio file which the human ear can not hear.
MP3 files also support the file tags like title, artist, album, composer etc.
MP3 format is widely supported by most of the portable music players including smart mobile phones.
There are many freeware programs availble on internet to convert the Wav files to MP3 files and also edit the MP3 tags. The easiest freeware program to convert wav to mp3 Audio tag editors - Freeware