Apple is set to launch three new iPhones today: iterations of the iPhone X including one with an even larger screen. And it’s not just the screen size that Apple has been increasing—the storage capacity too has expanded over the last decade.
When Apple founder, the late Steve Jobs, first introduced the iPhone in 2007, it had a storage capacity of just 4GB. Since then, it has increased 16 times, both in terms of the lowest capacity option to the highest. It’s a reflection of how the phone has become, for many, the primary computing device.
One of the reasons why smartphones have become an integral part of people’s lives is the availability of apps—we now have one for almost everything. It is, then, hard to fathom that the first iPhone didn’t have an App Store. It came a year later, in July 2008, with 500 mobile applications.
The App Store since then has grown exponentially. In November 2009, there were 100,000 apps on the App Store. By October 2013, this number rose to 1 million apps. At last count, in January 2007, the App Store had 2.2 million apps. To be sure, Google has a similar number of apps on its Play store.
For Apple, which is the world’s most valuable company with a market capitalisation of over $1 trillion, the iPhone continues to be a flagship product. In the third quarter of 2018, of the $53.3 billion the company clocked in revenues, about $30 billion came from the sale of iPhones. n Tuesday, Apple shares rose the most in five weeks on heavier-than-average volume as investors piled in on the eve of the new iPhone launch.
After the heady growth of early years, Apple iPhone sales peaked in 2015, at 231 million. Shipments dropped in 2016 to 212 million, but picked up again in 2017. This has come on the back of higher realisations, which tend to add to a company’s bottomline. While the price of electronic goods tend to drop or stay stable over time, the average price of an iPhone has gone up with every update. The average price of an iPhone this year is about $755.
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