FFmpeg is a powerful tool for converting audio files to different formats, and it can be used in conjunction with PHP to create a robust transcoding system. The process of installing FFMpeg and configuring the required codecs must be completed before using the `php-ffmpeg/php-ffmpeg` package to convert audio files. The code demonstrates how to use FFmpeg to convert an MP3 file to FLAC, OGG, and WAV formats, with progress reporting and metadata addition. The tutorial provides a starting point for those looking to explore PHP-FFMpeg and its capabilities in more depth.