Why is lossy compression beneficial?

Related questions

1. How do I compress a JPEG without losing quality?
2. How do I reduce a JPG file size?
3. Is lossy compression reversible?
4. How do I compress a JPEG online?
5. When would you use lossy compression?
6. What's the difference between lossy and lossless?
7. Is JPG lossy or lossless?
8. Does compressing a photo reduce quality?
9. How can you reduce the size of a JPEG?
10. Which compressions provide some loss of quality?

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3. #significantly
4. #reduced
5. #means
6. #lossless
7. #benefits
8. #obvious
9. #refers
10. #results
11. #method
12. #compression
13. #quality
14. #using
15. #smaller
16. #original
17. #lossy
18. #which