Like every company, Apple has had its share of hits and misses (remember the Newton?). But who could have possibly known how profoundly the introduction of the Apple iPod would impact the music industry. On October 23rd of 2001, Apple CEO Steve Jobs introduced the first iPod and promised that “…listening to music will never be the same again.” Talk about an understatement! Now iPod celebrates its fifth birthday with more models in every price range, from the $79 iPod shuffle to the $349 80GB iPod with its 2.5-inch color screen and 20-hour battery life. The iPod not only reinvigorated the computer maker, but truly did revolutionize the way people buy and listen to music.
Apple’s stock has skyrocketed over the last five years, in large part due to its dominance in the portable music player market. Combined with Apple’s iTunes music store, the iPod introduced a new way for users to legally download music the music they wanted to hear, not what the record companies wanted to push. In fact, Apple stock rose from $9 a share five years ago to over $79 a share today. What’s more, iPod sales are still growing, with over 8.7 million units shipping in the last quarter, which is up 35 percent from a year earlier. While other companies are scrambling to catch up, the iPod is far ahead of the pack, dominating the industry with over 70 percent of the market. Way to go, iPod — you don’t look a day over four!
