Smart Cover Earns Apple $500 Million a Quarter
The iPad Smart Cover is a a smart business move for Apple.
According to Richard Kramer, an analyst with Arete Research, Apple makes $500 million every quarter from sales of the colorful iPad protectors.
First introduced with the iPad 2 in March 2011, the Apple iPad Smart Covers include magnets that automatically turn the iPad’s display on or off, and conform to various angles to place the iPad in typing mode or landscape movie watching mode. The Smart Cover connects to the iPad with magnets placed in the iPad.
Apple sells the Smart Cover in polyurethane and leather models in a variety of colors and in a (Product) Red version. The polyurethane models are $39 while the leather Smart Cover is $69.
It’s no surprise that Apple sells Smart Covers by the boat load. The Smart Cover is featured in Apple advertising and prominently in Apple Retail Stores. Even though I purchased many iPad cases, I started with an orange Smart Cover. I’m sure that I’m not alone.
If Mr. Kramer’s $500 million estimate is correct, Apple is selling between 7 million and 12.5 million Smart Covers a quarter.
Check out the Apple Smart Cover in action in the video below.
The magnets proved quite popular, inspiring the inclusion fo Smart Cover wake technology in many third-party cases. Even rugged cases like the OtterBox Defender Series includes magnets to automatically wake and sleep the iPad when the cover is removed.
The Smart Cover magnets are strong enough to hold the iPad to a refrigerator, though we don’t recommend using the Smart Cover to hold your kid’s artwork to the fridge.