Apple is working on a subscription service for the iPhone and other hardware products
It is a move that could make device ownership similar to paying a monthly app fee, according to people with knowledge of the matter.
Apple shares climbed to a session high after Bloomberg reported on the news, gaining as much as 1.6% to $172.87. The stock had been down 4.1% this year through Wednesday’s close. Already, the iPhone is Apple’s biggest source of sales, generating nearly $192 billion last year — more than half the company’s revenue.A spokeswoman for Cupertino, California-based Apple declined to comment on the company’s plans.
The company has discussed allowing users of the program to swap out their devices for new models when fresh hardware comes out. It historically releases new versions of its major devices, including the iPhone, iPad and Apple Watch, once a year. Bloomberg reported last year that the company has been working on a “buy now, pay later” service for all Apple Pay transactions.
The subscriptions would likely be managed through a user’s Apple account on their devices, through the App Store and on the company’s website. It would likely also be an option at checkout on Apple’s online store and at its physical retail locations. Apple accounts are typically tied to a user’s credit or debit card.
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