MP3, the format that revolutionized the way we consume music since the 90s, has been officially retired -- in a manner of speaking. The German research institution that created the format, The Fraunhofer Institute for Integrated Circuits, announced that it had terminated licensing for certain MP3-related patents...in other words, they didn't want to keep it on life support, because there are better ways to store music in the year 2017. Rest now forever, MP3.
The development of mp3 started in the late 80s at Fraunhofer IIS, based on previous development results at the University Erlangen-Nuremberg. Although there are more efficient audio codecs with advanced features available today, mp3 is still very popular amongst consumers. However, most state-of-the-art media services such as streaming or TV and radio broadcasting use modern ISO-MPEG codecs such as the AAC family or in the future MPEG-H. Those can deliver more features and a higher audio quality at much lower bitrates compared to mp3.