Apple
While portable music players had been commercially before Apple entered the market, the first-generation iPod packed greater versatility than most and a high-for-the-time storage capacity of 5 GB into a sleek package. Within a few years, the iPod was ubiquitous and had dominated the U.S. market while making significant waves in overseas markets. Over time, the iPod evolved alongside Apple's other product lines, with the iPod Touch even developing to resemble the iconic iPhone.
However, with the iPod's functionality largely integrated into Apple's other product lines, the company announced on Tuesday that it would be ceasing production of the iPod Touch, the last model of iPod available after the gradual phasing out of older models through the 2010s. According to the company's release, the iPod Touch will remain available for sale online and in Apple Stores until supplies run out.
"Music has always been part of our core at Apple, and bringing it to hundreds of millions of users in the way iPod did impacted more than just the music industry - it also redefined how music is discovered, listened to, and shared," Apple Senior Vice President of Worldwide Marketing Greg Joswiak said. "Today, the spirit of iPod lives on. We've integrated an incredible music experience across all of our products, from the iPhone to...Apple TV."
While iPod is undoubtedly an iconic product line and helped thrust the company to its titanic heights, cleaning up redundant products isn't bad for Apple. The company's Q1 earnings were strong and topped expectations, but Apple noted that it saw potential hits to revenue stemming from supply chain dysfunction and inflationary issues in the months ahead. Slimming down production costs could help Apple offset some of those hits.
As the Federal Reserve gets set to hike interest rates, Apple shares have been lagging lately, joining other tech giants like Amazon
