The Audiophiles never really had a good market.
We have records, with good speakers. That is the best we got. However if you play the records over an over again their sound will degrade and they require a lot of Work to keep in good condition.
Then we had Magnetic Tape, Quality had dropped a bit, however they lasted longer and worked on portable devices.
Then we had CD's quality is better then tape, but not quite up to the record. However with a little bit of drop in portability it was still useful. But the CDs were more fragile and needed more care.
Then we went to Digital Music. To gain portability we lowered the quality below CD but above Magnetic Tape. Easier to maintain, and extremely portable.
Now all that said, most Audiophiles in a blind listen wouldn't tell the difference between a CD and most modern Digital Music formats. They may be able to tell the difference between a good record and a Cassette tape. Now most people are not audiophiles, and really do not care that much. and are going to plug in Dollar store earbuds to their devices and be rather happy, just as long as they don't get buzzing.