Those of us who were born two decades ago will probably mourn the loss of the iPod Classic and the iconic digital music player’s 160GB of storage. It may not be as stylish and fashionable as today’s smartphone music player, but the storage capacity will turn almost everyone into hardcore music fan.
However, economics has taken its toll. Apple CEO Tim Cook admitted that it was the “Law of Supply and Demand” that doomed the iPod Classic.
"We couldn’t get the parts anymore, not anywhere on Earth," Cook said. "It wasn’t a matter of me swinging the ax, saying 'what can I kill today?' The engineering work was massive, and the number of people who wanted it very small. I felt there were reasonable alternatives."
Supply and demand is perhaps one of the most fundamental concepts of economics which is being adopted by the tech giant like Apple. It forms the backbone of a market decisions because it underlie the forces behind the allocation of resources.
In Apple’s case, the consumer’s love to get a dedicated music player that offered as much bang as the iPod Classic has not translated to bucks for the company. Although Cook’s reasoning is understandable, many were hoping that somebody is willing to fill the gap and offer another version with the same 160GB capacity.
At present, the most expensive iPod touch offers a mere 64GB of storage, which is insufficient for those who like to listen to entire operas on the go.
At any rate, anyone who owns a 160GB Classic ought to be happy. Why? Because with the admission of Cook, the remaining units will most probably command a hefty price in the coming years and could become a rare collector’s item in 2-3 decades from now.
However, economics has taken its toll. Apple CEO Tim Cook admitted that it was the “Law of Supply and Demand” that doomed the iPod Classic.
"We couldn’t get the parts anymore, not anywhere on Earth," Cook said. "It wasn’t a matter of me swinging the ax, saying 'what can I kill today?' The engineering work was massive, and the number of people who wanted it very small. I felt there were reasonable alternatives."
Supply and demand is perhaps one of the most fundamental concepts of economics which is being adopted by the tech giant like Apple. It forms the backbone of a market decisions because it underlie the forces behind the allocation of resources.
In Apple’s case, the consumer’s love to get a dedicated music player that offered as much bang as the iPod Classic has not translated to bucks for the company. Although Cook’s reasoning is understandable, many were hoping that somebody is willing to fill the gap and offer another version with the same 160GB capacity.
At present, the most expensive iPod touch offers a mere 64GB of storage, which is insufficient for those who like to listen to entire operas on the go.
At any rate, anyone who owns a 160GB Classic ought to be happy. Why? Because with the admission of Cook, the remaining units will most probably command a hefty price in the coming years and could become a rare collector’s item in 2-3 decades from now.
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