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Can Beethoven, Bach and Mozart help iPhone sales in China? Apple to launch classical music app on mainland amid sluggish demand for its flagship product
By comparison, the United States generated US$273 billion, or almost 25 per cent, of the App Store ecosystem’s overall billings and sales in 2022. Europe accounted for US$119 billion, or 11 per cent, of that year’s total.
Whether the classical music app’s local release would somehow help lift iPhone sales on the mainland remains to be seen, as consumption remains weak across the country and Apple faces stiff competition from major Chinese smartphone rivals.
In the first week of the year, iPhone sales on the mainland were down 30 per cent year on year, according to a Jefferies research note published on Sunday. The brokerage indicated that there was “a big rise in discounts” for the iPhone 14 and 14 Plus models, while the newer iPhone 15 and 15 Plus models saw “a moderate rise” in discounts.
Apple supplier Foxconn sees sales decline in first quarter of 2024 amid weak demand
Apple supplier Foxconn sees sales decline in first quarter of 2024 amid weak demand
Chinese smartphone vendors, with Huawei Technologies, Xiaomi and Honor leading the pack, had “much stronger” momentum during the period, with sales delivering “flattish growth” year on year, Jefferies analysts led by Edison Lee wrote in the note.
The iPhone’s total sales volume last year on the mainland was down 3 per cent from 2022, which translated to a 0.4 per cent decline in Apple’s market share, according to Jefferies. It estimated that rival Huawei saw its mainland market share in the December quarter gain 2 per cent from the previous quarter, and 6 per cent year on year.
Apple is expected to see “even higher revenue pressure” on the mainland in 2024, according to Jefferies.
Still, Apple has continued to reassure investors even though iPhone sales have been slowing. In the firm’s earnings call in November, Apple chief executive Tim Cook said: “Over the long term, I view China as an incredibly important market, and I’m very optimistic about it.”
Cook made two visits to the mainland last year, meeting senior government officials, Chinese developers and Apple’s contract manufacturing partners.