Backing MPEG4 files from CD and itunes in another folder on external HDD

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As you never know when your computer will fail I want to back up my files on an external HDD I have dragged the MPEG4 files from itunes to a folder I created and put that folder on my external HDD. Is that a way to backup stuff in itunes or from a CD? Also, is it ok for the files to be in MPEG4 format? Isn't MP3 better? Will it play in everything?
 
Backing the music up by just coping them to the other drive is fine.

Not everything really plays everything though, but I wouldn't worry about it until you find something that won't play in something.
 
The M4a format or MPEG4 audio codec Apple uses with iTunes is better. MPEG4 is a newer version of the MP3 codec. You get better quality sound out of the same size file compared to MP3.
 
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