00:00Once upon a time, there was a company called BlackBerry.
00:02BlackBerry was a maker of smartphones, but its phones weren't like any others on the market.
00:07They were sleek and stylish, but they were also extremely secure.
00:11For example, BlackBerry phones had end-to-end encryption,
00:14which meant that only the person you were talking to could read your messages.
00:17This made them very popular with businesses,
00:19because they could trust that their employees were not sharing
00:22sensitive information with anyone who should un-have access to it.
00:26One day, though, a new player enters the smartphone market.
00:28Apple, Apple's phones were sleek and stylish, just like BlackBerry's,
00:32but they were also much cheaper.
00:34Businesses started switching to Apple phones because they were able to save money
00:38without sacrificing too much on security.
00:40This posed a big problem for BlackBerry because it meant that its phones were becoming obsolete.
00:45If something wasn't done quickly, the company would go bankrupt.
00:48So BlackBerry did what any rational company would do.
00:51It tried to fight back against Apple.
00:53BlackBerry thought it could compete with Apple by offering phones that were cheaper than ever before.
00:57Unfortunately for BlackBerry, though, this strategy failed miserably.
01:01There's no point in competing on price when you're up against a company like Apple,
01:04which can produce its phones for pennies on the dollar.
