When the bloom goes off the . . . Apple.
It was a helluva ride.
After a decade of crushing it, three days ago, Apple admitted that some of its fruit may be spoiling.
In their quarterly earnings announcement, one of the largest companies in the world disappointed the street when they missed their forecasts by an orchard sized amount.
It was their first quarterly sales drop in 13 years.
The stock dropped 5% immediately.
One of the primary reasons behind the fall? For the first time . . . the very first time since the launch of the iPhone . . . they sold less of them than the year before.
And right about now you’re wondering, “Uh, am I on the right website? What the heck is Ken doing talking about tech companies?”
Well, first, rest assured, Gremlins didn’t take over your browser. You’re on the right website.
Second, Apple isn’t really a tech company. I consider them just as much of an entertainment company as any major studio.
And lastly, well, here’s why this announcement got my attention.
When you’ve got a hit product . . . or a hit show . . . it’s easy to sit back, get a little complacent, and just think it’s going to be gravy train time forever.
And it just ain’t.
What this announcement reminded me is that all things, even the iPhone . . . one of the, if not the, most influential products of the 21st century . . . eventually cool down.
Do you remember those launches? The hype. The lines. The price tags (that no one had problems paying). And what about the cool commercial that featured a Broadway Producer/Blogger that you might know?
They’ll never have that again with the iPhone. That means Apple can’t sit back on that success if they want to continue to grow.
And you can’t either.
Or, to put it in the words that a plain-speakin’ mentor once told me, “You’re only as good as your next show.”
When you have a hit, use the resources and attention that comes along with it to double down on your research and development to find your next one.
(Side note: I’m not sure Apple will ever get to where it once was without Mr. Jobs, the ultimate Creative Producer, at the helm. It would be like me taking over David Merrick or Cameron Mackintosh’s company and expecting to have the same success. They can expect different success. But not the same.)
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