MP3 changed the way we listen to our music and it is now officially terminating its licensing program. The Fraunhofer Institute has claimed the right to license certain MP3 patents to software developers. The decision is quite similar to when manufacturers started installing CD-ROMs instead of floppy disks. There will be some people that still use MP3 but the standard will shift to AAC (Advanced Audio Coding).
Although the MP3 is dead, it is effective on digital landscape. It allows for easier downloads and drove technical newcomers to join the cyber age.
Unfortunately it does not seem like the MP3 will make a comeback. The standards now are too high for it to compete. People even have suggested that it reinforces negative emotional characteristics into musical instruments.