I think HE-AAC fits that bill.
High-Efficiency Advanced Audio Coding (HE-AAC) is an audio coding
format for lossy data compression of digital audio defined as an
MPEG-4 Audio profile in ISO/IEC 14496-3. It is an extension of Low
Complexity AAC (AAC LC) optimized for low-bitrate applications such as
streaming audio. HE-AAC version 1 profile (HE-AAC v1) uses spectral
band replication (SBR) to enhance the compression efficiency in the
frequency domain. HE-AAC version 2 profile (HE-AAC v2) couples SBR
with Parametric Stereo (PS) to enhance the compression efficiency of
stereo signals. It is a standardized and improved version of the
AACplus codec.
As does Opus.
Opus is a lossy audio coding format developed by the Xiph.Org
Foundation and standardized by the Internet Engineering Task Force,
designed to efficiently code speech and general audio in a single
format, while remaining low-latency enough for real-time interactive
communication and low-complexity enough for low end ARM3
processors.[3][4] Opus replaces both Vorbis and Speex for new
applications, and several blind listening tests have ranked it higher
quality than any other standard audio format at any given bitrate
until transparency is reached, including MP3, AAC, and HE-AAC.