The Format Name is also called"the Format Long Name provides additional information about the file format that you will find when you check information about the metadata and EXIF data of the file. It is basically a supplement to the information provided by the extension for the type of file.
File extension extensions refer to the full name of the format. This means that the Format Name contains additional details about the file without denoting the actual format of the file. As an example, we can see an extension of .mpg and the type of file MPEG-2. The Format Name of the file is "mpeg audio layer 2" or something similar.