The rise, fall, and rise of portable MP3 players

This is The Stepback, a weekly newsletter breaking down one essential story from the tech world. For more on the collapse and the resurgence of the portable media player, follow Terrence O'Brien. The Stepback arrives in our subscribers' inboxes on Sunday at 8AM ET. Opt in for The Stepback here.

We are spoiled for choice, musically. Most of us walk around with access to hundreds of millions of songs in our pockets. But it wasn't until 1998 that portable digital music was even a thing. Before that we lugged booklets full of CDs on the bus or stashed a handful of cassettes in our backpacks. With the advent of the MP3 player in …