An historical survey of the memory industry is given, and the progress of the ferrite core memory since it was first introduced is examined. It is shown that the computer industry could not have developed without a reliable and relatively cheap storage element capable of being produced in great quantity. The core memory satisfied this requirement but appeared to be vulnerable to competition by technologies more suited to mass production. The reasons why core memories have not been supplanted are examined, and a forecast for the next ten years is presented. The prediction is that core memories will retain the largest share of dollar-volume in on-line memory industry for the duration of this period.