Apple's iPhone sales have plateaued for a decade, yet the company's market value has soared, suggesting a shift in its role to that of a utility. Most users prioritize dependability over cutting-edge technology, relying on their iPhones for day-to-day tasks without the need for the latest features. Analysts point out that many older iPhones remain in use, indicating a significant upgrade potential. Consequently, iPhone sales are driven by the necessity of replacements rather than demand for new innovations, marking a stable yet unexciting growth trajectory.
300 million iPhones have not upgraded in over four years. That's a lot of pent-up demand.
It's time to think differently about Apple. The company is becoming a utility, which is hard for fanboys to accept, though it's not all bad.
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