Thursday, 20 September, 2018

Apple's upcoming new service might be the Netflix of news

Apple's upcoming new service might be the Netflix of news Apple's upcoming new service might be the Netflix of news
Pete Mitchell | 17 April, 2018, 20:25

Apple stock got hit in late March, along with the broader tech sector, but remains up for the year.

Apple News is now a free app that delivers a personalized selection of content from a choice of publishers, with the ability to follow certain topics as well as subscribe to magazines and newspapers directly through news.

Apple's fastest growing revenue segment is now their services division so it makes sense for them to attempt to grab some of the low-hanging fruit in the form of news subscriptions.

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Apple did not respond to request a comment on the report. Apple Music is now charging $9.99 a month and Texture is also offering the same subscription plan for the new users.

Integrating the current Apple News app and recently acquired Texture service, the new Apple news subscription service would give magazine publishers a slice of the revenue. This offers millions of songs for $9.99 per month, and now has more than 40 million subscribers.

Now costing $9.99 a month, the service will eventually be managed by Apple's own news team. Today's report states that similar to Texture, the revised Apple News will charge one monthly price that will allow subscribers to read any of the magazines and newspapers available for perusal. Apple has said that it is targeting annual service revenue of $50 billion by 2021. During a recent earnings conference call, Apple told analysts it had a total of 240 million paid subscriptions, with 58 percent year-over-year growth. Apart from this, Apple is generating revenues from a variety of their services such as Apple Pay transactions, App Store downloads, iTunes music, movie, and TV show purchases, and digital book downloads, reported on Bloomberg. The company could also choose to turn its original video content efforts into its own Netflix-like video subscription service. Apple rarely cuts positions, but after the company acquired Beats, it laid off about 200 people. Texture previously had about 100 staff members. After the acquisition, 20 people were made redundant while the rest of the team was part of Apple News.

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