00:00But while the company was enjoying all this success, it was also facing some serious challenges.
00:04One of the biggest was the fact that it was heavily reliant on a single product,
00:08the BlackBerry. If the company could not keep up with the changing times and update the BlackBerry
00:12to meet customers' needs, then it risked losing everything. Another challenge was competition.
00:17Apple had entered the smartphone market with the iPhone in 2007, and Google was UNT far behind
00:22with Android. And both of these companies were eating into BlackBerry's market share.
00:26In order to stay afloat, RIM needed to make some drastic changes. In 2011, the company announced
00:31that it would lay off 20% of its workforce and close several offices around the world. It also
00:36announced that it would stop developing new BlackBerry operating systems and instead focus
00:40on developing applications for existing BlackBerry O's. It was a difficult decision, but it was
00:45necessary if the company was to survive. Despite these efforts, though things didn't really improve
00:50much, in 2012, RIM announced that it would split the company into two separate entities,
00:55one that would focus on software and another that would focus on hardware.
00:58.
00:58.
00:58.
00:58.
00:59.
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