Of course, the entire audio industry was roiled when the MP3 player came on the scene. But even then, Bose managed to put itself in just the right place. Indeed, the circumstances would almost uniquely benefit the company: In the absence of physical media (LP, cassette, CD), digital music didn’t require the complicated hardware that earlier formats did. That would spell trouble for phonograph and cassette-deck makers, but Bose wasn’t in those product lines—it just made speakers, and in the era of the iPod (AAPL), speakers were basically the only thing that mattered. Bose’s SoundDock became the fancy iPod (and, later, iPhone) dock for that key market of discerning-but-not-obsessive-to-an-antisocial-degree customers.