It is hard to believe, but the Apple iPhone turns 10 years old this week. After a rough start at birth, the device has changed the world in just 10 short years. What will it look like in another 10 years?
June 29th, 2007 was the official birthdate of the original iPhone. Since then, Apple has racked up sales of more than 1 billion (yes, with a B!) smartphones. That’s ALOT of phones.
Ironically, early sales of the device were slow. Apple was forced to slash prices during the 2007 Christmas season to help spur on sales.
Few people remember the first year of the Apple iPhone beginnings, but many in business consider that first 12 months to be a complete disaster for the revolutionary product. The first iPhone had no app store, and ATT was the only carrier for consumers at the time. As Apple always seems to do, they “figured it out” in a short time and the rest is history. Had you invested $10,000 in Apple stock in 2007, you’d be sitting on a pile of cash now that would make your head spin.
The Apple iPhone was so revolutionary at the time, even its suppliers were a little surprised. But judging from the success of earlier Apple products, one should know not to ever doubt the pure genius of Steve Jobs.
Once the App Store was introduced in 2008, the iPhone was well on its way to being one of the most popular electronic devices in history. The App Store provided just one more revenue stream for the company, taking a cut of every app sold in the marketplace.
Fast forward to today, the App Store brings in over $24 billion in annual revenue!
10 years after the initial iPhone was introduced, Apple fans now look to the latest roll out, the iPhone 8, expected to hit stores in the fall of 2017.
No one knows for sure just what the iPhone 8 will bring, but its a good bet that there will be enough intrigue in the new device to help Apple stock reach new highs in the coming years. Many consumers still use the iPhone 5 and 6. There is no doubt that the iPhone 8 will entice many to take the plunge and upgrade.
Android is still the smartphone of choice for consumers around the world, but its the iPhone that generates the most profit in the industry. Apple has always been able to set high prices for its products, of which its super loyal fan base will gladly pay to use its products.
Steve Jobs, if alive today, would be proud. His products over the last 30 years have literally changed the world, and more importantly changed the way we think about the telephone. No one would have imagined that just 10 years ago we would use our phones for virtually everything from taking pictures and video, surfing the internet, checking weather radar or the stock market, “face timing”, and relying on our phones for doing just about anything we want through the use of a free or almost-free “app”.
No one but Steve Jobs that is! Happy 10th anniversary iPhone!
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