It’s Apple’s World, So Why Do Other Smartphone Makers Even Bother?

The Sony Xperia M4 Aqua sounds amazing. Its rounded edges look sleek. It’s waterproof. It has a 13-megapixel camera with Superior Auto, which, according to the company, means the phone “recognizes 52 different scenarios and automatically configures the optimal settings—so you don’t have to.” Finally, an end to the era in which humans, like common animals, had to do all their own scenario recognition.

As with so many smartphones, though, very few people will ever see the Xperia M4 Aqua, let alone own it. Even after spending billions of dollars and overhauling its leadership to refocus on the devices, Sony has fallen out of the top 10 in smartphone sales. (The company declined to comment.) It’s a common story for dozens of flagging manufacturers, toiling at what has become one of the most brutally competitive businesses on the planet. Unless you’re Apple or Samsung, “you can’t make money in phones,” says Roger Kay, head of consultant Endpoint Technologies Associates. So why keep trying?