The Real-Time Transport Protocol (RTP) is a standardized protocol used for delivering audio and video over IP networks in real-time. It plays a crucial role in various communication and entertainment systems, including streaming media, telephony, video teleconference applications, and television services. RTP works with the User Datagram Protocol (UDP) and teams up with the RTP Control Protocol (RTCP) to handle transmission stats and quality. The protocol achieves real-time data transmission through features like packetization, timestamping, and sequence numbering, ensuring a continuous and coherent audio-video experience.