I think it could be a neat idea to install some sort of digital keyboard into cell phones as an additional feature. People are alreday recording short videos and taking picture with their cell phones, why not create their own ring tones? I think this idea may appeal to particular people and would be a very simple thing to incorporate into a cell phone.
In my opinion, this would not reduce the ringtone "market," but strengthen it instead. Most ringtones are songs. If you want to hear your favorite band sing thier song everytime someone calls you, you would still have to purchase that ringtone. By allowing people to create their own ringtones, more interest would be generated in ringtones; thus, people would purchase them.
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I would rather just create the ringtone on my computer and send it to the phone (via internet or email) than buy some awkward accessory to attach to it. You can already sell your own ringtones online, as well.
To clarify, there would be no accessory. The "keyboard" would be built in. Since there are only 12 chromatic notes and 12 keys on the keypad (0-9, *, and #), this would work perfectly.
This was marketed with early cell phones, they should bring it back.
Ringo for Palm OS devices does allow you to do this. It has a built-in synth! Anyways, ringtones are a BILLION dollar industry so there is very little incentive to provide users their own means to get ringtones easily.