The LP (33 1/3-rpm) and 45-rpm records were competing high-fidelity formats introduced by CBS and RCA in the late 1940s. The 45-rpm was designed for single songs, while the LP accommodated longer classical recordings. Both formats eventually coexisted in the market, with LPs becoming highly profitable for record companies, though they were largely displaced by compact discs in the 1980s and remain niche products today.