Apple’s Smart Cover Business Alone Is Worth $2 Billion A Year

These make Apple $2 billion a year.
These plastic-coated magnet wafers make Apple $2 billion a year.

Apple’s iPad Smart Cover is a wonderful product. Not only is it pretty much the most minimal yet versatile iPad case around, it’s fun, attractive aesthetic — inspired by Japanese bath covers — hides some serious engineering beneath the surface thanks to its 30+ odd magnets.

So it’s a great product. Did you know that for Apple, though, Smart Covers alone are a $2 billion a year business?