Apple is a much more complete company now than a few years ago. While the iPhone continues to be the cornerstone of Apple’s revenue, it is responsible for more or less than half of it, there are new sections of the business that are growing at a very good pace. The most important of them is Services section.
Little by little, Apple is adding new services to its catalog. It all started with iCloud, continued to progress with Apple Music and Apple Pay
And that steady growth she has experienced over the years may just be the start. According to Forbes, in the next four years, most of Apple’s revenue will come from services, overtaking the iPhone as the most important product after more than a decade.
4 years for services to overtake the iPhone
In the first quarter of 2017, iPhone sales reached 78 million units worldwide. Spectacular figures, but which showed that the iPhone could no longer continue to increase its sales indefinitely, it had experienced very moderate growth for 3 years. Apple knew the iPhone could have peaked and set a new goal: double the turnover of the services section in 2020.
At that time, Apple was making $ 25,000 million with its services, the goal was 50,000. The company achieved its goal by recording revenues of $ 53,770 million this year 2020
And as he writes Forbes, This is just the beginning. The Apple services will generate a total of $ 81.5 billion in 2024, and will for the first time exceed the revenue generated by the iPhone.
We have 4 years left to see if these numbers are achieved or not. What seems clear is that IPhone revenues will remain more or less stable, and services continue to grow. We will see if in 2024 they manage to exceed the figures set by Apple’s flagship device.