How to compress audio file to lower bits

Hi How to compress audio file ( reduce bits ) for transmission .

[Jan]

What exactly does "reduce bits" mean? Transmission over which kind of channel?

[Mohamad]

I mean to reduce storage size of the audio file . also to reduce the required bandwidth to transmit digital audio stream .

[Jan]

You can zip the file, use 7z or RAR, MP3, OGG, or FLAC. Maybe you want to import a WAV file with 16 bit values, round them to 8 bit, create a new WAV file and transmit it. Currently posting an answer requires to guess, what you want. Please mention the details.

[Mohamad]

I have a recorded Audio file named 1.WAV , [y,fs]=audioread('1.wav'); >> whos y Name Size Bytes Class Attributes

y         131072x1             1048576  double 
I need to make matlab code to perform a Lossy compression method to this audio file .
I need to check compression ratio , Bit Rate Reduction , Play the compressed Audio file , compare with the original Audio file . 
But i don't want to use audiowrite to make .mp4 file .