Here's why the new small iPhone could be a big hit

On Monday, Apple announced the iPhone SE, a new iPhone with a four-inch screen.

The four-inch screen is not a groundbreaking innovation - the iPhone 5, introduced in 2012, was the first Apple phone with that size of screen, and Apple has since kept other small iPhones on the market as low-end entry-level devices. In fact, the biggest deal with the the iPhone 6, introduced in 2014, was its larger 4.7-inch screen, which was an answer to the rising popularity of Samsung's Galaxy phones. (There was also the iPhone 6 Plus with a gigantic 5.5-inch screen.)

But while the iPhone SE may not feel particularly new, it still could be a hit. As this chart from Statista shows, about 30 percent of all iPhone users favor a phone with the old 4-inch screen. When these folks decide to buy a new phone, they'll now be able to pick a phone with decent processing power and still get the smaller screen if they want it.

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