M4A is a file extension for an audio file encoded with advanced audio coding (AAC) which is a lossy compression. It stands for MPEG 4 Audio. They're most often found in Apple's iTunes Store as the format of song downloads.
Apple Inc. started using the .m4a filename extension for MP4 containers with audio data in the lossy Advanced Audio Coding (AAC) or its own Apple Lossless (ALAC) formats.
AAC or M4A file quality is better and file sizes smaller compared to MP3 files. M4A files sound better than MP3 files when encoded at the same bit rate due to some of the enhancements made to the format such as:
Compression based on perception (if it is not within human perception, that sound data may be lost without notable effect to quality).
Smaller sample block size of 120 or 128 samples rather than 192 for changing (or transient) signals, allowing for more precise details where they are needed.
Larger block sizes in stationary signals, 1024 or 960 vs MP3's 576 sample blocks, allowing for less data to represent a portion of the music that does not have the same complexity.