A brief search says that iPhone sales in 225 were approximately $200 billion. 5% of that is therefore approximately $10 billion. If you call that a "massive flop", your standards are completely unrealistic. That is a massive success.
And no, the clothes analogy is not flawed. The point is that in other markets, niche tastes and needs get served even if it isn't as cheap or plentiful. It's only the phone manufacturers which refuse to try to get sales from a smaller (but still quite extant) market.
A brief search says that iPhone sales in 225 were approximately $200 billion. 5% of that is therefore approximately $10 billion. If you call that a "massive flop", your standards are completely unrealistic. That is a massive success.
It's all about scale. Yes 10B is a lot for most companies, but for Apple 5% is just a blip on the radar. They probably also did their market research and found that the vast majority of Mini users would buy another iPhone model if they discontinued the Mini. Those facts combined give Apple little incentive to continue the lineup.
Another thing that further clouds the 5% discussion is that some Mini purchasers may have bought it not because of the size, but because it was $100 cheaper while still getting the same SoC. Maybe those buyers were disappointed by the worse battery life, and Apple could choose to axe it or make it the same price as the regular iPhone and it would drop way below 5%.
Thanks you said it better than I would’ve