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Imagify and Performance Lab’s Modern Image Formats are both WordPress plugins that aim to optimize images on your website, but they do this in slightly different ways.
Imagify is a plugin that focuses on compressing your images to reduce their file size, with options to choose between lossless and lossy compression. It also offers a bulk optimization feature that allows you to optimize all your images at once. Imagify maintains most of the popular image formats like JPG, PNG, and GIF.
Performance Lab’s Modern Image Formats, on the other hand, focuses on converting your images to modern formats like WebP. WebP is a modern image format that provides superior lossless and lossy compression for images on the web. By using WebP, webmasters and web developers can create smaller, richer images that make the web faster.
In essence, while both plugins aim to make your website faster by reducing the size of your images, they do so in different ways: Imagify does it through compressing your images, and Performance Lab’s Modern Image Formats does it by converting your images to a more efficient format.