Get iPhone on subscription? Apple working on new service, says report

Apple is working on a subscription service for hardware devices like iPhones, according to a report by Mark Gurman in Bloomberg. The service would provide iPhones and other hardware products to subscribers for a monthly fee.

Apple is reportedly considering the subscription service to make it easier for customers to stomach spending thousands of dollars on its devices. Bloomberg reports that iPhones bring in over half of Apple’s revenue, generating almost $192 billion in 2021.

Apple already offers subscriptions for online services like iCloud and Apple TV+, but this would be the first time the company offers a hardware subscription service. The project, however, is still in development, and it is not yet known when Apple may announce the initiative.

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Apple iPhone subscription service

The exact cost of the subscription service is not yet known, but Gurman does report that the monthly fee would not simply be the device’s cost split up over 12 or 24 months, but a separate pre-determined amount.

The subscription is expected to launch by the end of 2022, but may be pushed into 2023, or even end up getting cancelled.