The Compression tab of the Camera Setting dialog box allows you to set up image and sound quality by changing the compression level. These settings are used to prepare content for broadcasting and recording.

Image Quality
Higher Image Quality results more details in captured images but increases frame size, thus don't select maximum quality if you want broadcast live video.
To change image qualitySound Quality
More compressed sound has less bitrate and sampling frequency and as result pour quality.
To change sound quality 
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Quality of Recording and Broadcasting