The ills of the Smartphone industry go beyond the meltdown of Samsung's Galaxy Note 7. A market sector that was still booming not so long ago is now expected to suffer losses this year for the first time, and is forecast to stagnate for the foreseeable future, a recent report from tech research and advisory company Gartner showed.
Following the Galaxy Note 7 fiasco, Samsung's shares continued to fall today. The burning issue for the South Korean company now clearly is lost revenue, with Reuters putting the figure as high as $17 billion, as Samsung had expected to sell some 19 million units of the now-scrapped device. But analysts warn that the short-term sales hit may just be a prelude to a deeper sullying of the company's reputation.
Of course, Apple is largely expected to profit from Samsung's woes. But this can't hide the fact that sales of the latest iPhone models have been anything but satisfactory. Some have gone as far as to suggest we've already past the peak of the smartphone market. The answer to the "then, what comes next?" question may be a still-to-be-imagined device or innovation — but a different response could be that burning smartphones might be the perfect message to say the never-ending hunt for consumer consumption is illusory and potentially dangerous. Not to mention environmentally unsustainable.
WHAT TO LOOK FOR TODAY
- The National Hockey League begins its 100th season.
- UN Spanish Language Day.