MP3 License Agreement has ended on 23rd April 2017. Hold On!

MP3 is the most popular format of audio for more than two decades. Most of the devices on the earth today support MP3 codecs. Here is a little brief about MP3..
MPEG-1 or MPEG-2 Audio Layer III is the original name of MP3. This is one of the first generation digital audio formats. This audio codec format uses a lossy data compression algorithms. Using MP3 compression, the data can be compressed over 75 to 90%. This was developed by Moving Picture Experts Group (MPEG) and the license was patented by Fraunhofer Institute of Technology. The institute has stated that the license agreement has ended effective from 23rd April 2017, which was initiated in 1993 under ISO/IEC 11172-3, ISO/IEC 13818-3 standards.
MP3
Is is really the end of MP3?
Of course not! This is not the end of MP3; but, the end of support from Fraunhofer Institute.
For every codec, the support is provided by the firm that gets the patent rights over it. Whenever a loop hole or a modification is to be rectified or modified, the patent firm accepts the request through Request For Comment (RFC). The firm verifies and approves this RFC based on the decision of expert group.
In the  case of MP3, this is support through RFC has ended on 23rd April 2017 according to the Frauhofer Institute. However, when there is no scope for RFC, the usage of standard reduces and finally becomes extinct. Based on the utmost extent of MP3 codec, the audio format still has certain scope.
The Fraunhofer Institute states that there are several other audio formats like AAC which can provide better quality at lower bitrates and file sizes. However, the usage of MP3 is going to decline after this announcement. Simply, it's time to EVOLVE!
Thanks to Wikipedia for providing the file structure of MP3 and here it for your reference.
MP3 File Structure
MP3 File Structure