the 8 track endless loop wore out the tapes real bad,

And Philips invented the compact Cassette, to replace the bulky 8 track, and also CD to replace the cassette and record, and at the time they own PolyGram the biggest music company in the world, now sold to Universal, so it's even bigger, but sales of recorded music has plummeted, guess Philips knew when to bail, as…