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The video tutorial discusses the differences between common image formats like PNG, JPEG, and WebP, as well as the distinctions between .jpeg and .jpg file extensions. It also touches on animated PNGs and compares PNG and JPEG formats, highlighting three major differences. The tutorial aims to provide a comprehensive understanding of these formats, with a focus on PNG and JPEG as the most common options. Additionally, it mentions other formats like TIFF and WebP, which are commonly used on the web.