The portable MP3 player market had a dramatic arc. According to The Verge, the industry was worth $21.6 billion in 2008, but by 2012 it had collapsed to just $613 million as smartphones and streaming took over. Apple's iPod was the dominant product, accounting for over 70% of media player sales at its peak, but the iPhone eventually eclipsed it.
Apple discontinued most iPod models by 2017 and the entire lineup by 2022. The market didn't disappear entirely, though. It became a niche for audiophiles. Companies like Sony and Astell & Kern now sell dedicated players that often cost more than $3,000, with features like Wi-Fi, Bluetooth, large touchscreens, and Android access to streaming apps.
The source notes that reliable market data is hard to find today. Some research firms report a $180 million-plus industry on the rise, while others say it's only $1.2 million and shrinking. Either way, the dedicated music player is no longer a mass-market product; it's a specialty item for enthusiasts.