How the tap solution is bringing more holistic, alternative solutions to the market
In the coming months, as the tap-enabled smartphone market matures and smartphone-friendly alternatives become more popular, the company has been working hard to tap into the market, as well as bring in the right sort of customers.
Earlier this month, Apple announced the acquisition of startup Puretap for $1.5 billion.
And earlier this week, the startup announced the addition of new CEO and co-founder John D. Bocchi as well.
The company’s biggest competitor in the tap business is Samsung, which owns a sizable chunk of the market.
In its first quarter of 2017, the Korean company reported a net loss of $1 billion, or 1% of its revenue.
Samsung, meanwhile, reported a profit of $12.5 million, or 19% of revenue, for the quarter.
With Samsung controlling the majority of the tap market in the US, Apple’s acquisition of Puretap could lead to even more competition for the company in the long run.
That could put a dent in Samsung’s revenue, which is already struggling to keep up with Apple’s surging revenue.
The tap business, meanwhile: It’s a niche in a world that is saturated with digital devices, with many consumers still relying on wired devices and services to get their needs met.
But the tap industry has been gaining traction in recent years as a more natural extension of the smartphone market.
And with Apple adding Puretap, that could change.
“It’s a great opportunity for us to bring new product and services, including new apps, to tap,” said Apple senior vice president of products David Drummond in a statement.
“This deal is a great addition to Apple’s tap portfolio, which has grown dramatically in recent months, including its own tap-powered devices, the iWatch, Apple TV, and other smartwatches.
We are excited to see the tap ecosystem continue to grow and thrive.”