All the formats discussed here belong to a bigger category called Raster formats. Also referred to as bitmaps, Raster formats stock the information in a grid of pixels where each pixel has a different color.
The easiest way is to think of pixels as little colored dots stacked together. Depending on the number of bits used for every pixel, the image can be richer or poorer in color. For instance, 8 bits per pixel can create an image with up to 256 colors. At 16 or 24 bits, a pixel can carry tens of millions of different colors. Not all the formats use the same number of bits.