Panic has officially ended development of Audion, its once-popular MP3 player/encoder. The company is now offering the audio application free of charge. “This obviously wasn’t an easy decision,” said Panic co-founder Cabel Sasser. “So, why do it? Put simply, it all boils down to an inability to compete fairly with iTunes, which is free and, you know, pretty good. But the story isn’t that simple — there’s much more to Audion’s past than one simple sentence. That’s why we’ve put together the ‘True Story of Audion.’ It’s a bit long, but in it you can learn many things you probably never knew, like how Audion almost became iTunes, how Panic almost became an AOL company, how our Apple boardroom meeting with Steve Jobs went, and more.” Editor’s Note: The ‘True Story of Audion’ is one of the most interesting Mac stories you will ever read.