You're right, although I'll note that Minidisc wasn't really a failure. It was utterly huge in Japan, and widely adopted by other companies [no doubt playing big royalties to Sony].

Minidisk eventually proved a technical dead-end because of the development of solid-state storage and the internet, but I can easily see it lasting much longer and becoming more dominant if those things hadn't happened; it had a lot of momentum behind it for a while.