CD players appeared in the early 1980s. My GF at the time wanted to get one and we looked at them together. 'Separates' (i.e. a CD 'deck' that you plugged into your existing stereo) were around $700-800. CDs themselves were in the $12-18 range.
Some time around 1986 I bought a 'portable' CD deck, one that would run off batteries with headphones, like a Walkman. It was $250 by then and I remember that was the cheapest CD player of any kind I'd seen. A year or two later I bought a 'boom box' with a CD in it for $200. CDs were now being made from older material previously released on vinyl, and they were down as low as $3-4, but new, desirable stuff was still $12-15.
We lived near a store called Tower Records, advertised as 'The Biggest Record Store in the Known Universe'. We used to drop by there on weekend nights after having dinner out. Over the 80s and 90s we saw the store go from having a small CD section to being ALL CDs. And then, after iTunes became popular, they went out of business, like every record store.
There were a number of companies in those days that got the idea of selling MP3s online, but none of them were able to sign up all seven major record companies until Steve Jobs. Many industry experts say that this was the major purpose of bringing out the iPod, that iTunes was where the real money was made. And that's what made the CD (and cassettes) obsolete. It also made the music industry, as we knew it, obsolete.