This implies that the MP3 market was already sufficiently large or saturated by the time the iPod came on the scene, which is false. The MP3 market at the time was mostly an intersection of tech-savvy individuals and musicians. Everyone else was still using portable CD players or walkmans.
At the time, portable CD/MD players and walkmans were competing products to the iPod. mp3 players weren't a separate market. There were even portable CD players that could read mp3s off a CD.
