Launched by Sony in Japan in 1992 and elsewhere the following year, the MiniDisc audio recording format offered a number of appealing features. Half the size of a CD, Sony said that MiniDiscs could be recorded and re-recorded as many as a million times without loss of quality. Compared with cassette tapes, MiniDiscs offered higher digital audio quality while retaining the potential to record your own customized mix of music. Having learned its lessons from the failure of the Betamax video recording platform in the 1970s, Sony licensed MiniDisc technology to other firms who produced their own MD equipment. Ultimately, however, the MiniDisc failed to reach a significant consumer audience. Some have attributed its lack of success to the limited amount of pre-recorded music that record companies produced in the format. Another significant factor was the rise of MP3 players which offered similar flexibility and portability without requiring the purchase of recordable discs. Overall, the MiniDisc represents a brief chapter in the ongoing and rapid evolution of home audio technology.