(Pocket-lint) - Apple is considering a subscription service for the iPhone and other hardware, allowing customers to buy its products via monthly fees.
According to Bloomberg, it would be Apple’s biggest push yet into automatically recurring sales. By allowing people to subscribe to hardware for the first time, through an auto-leasing program of sorts, the company could generate more revenue. It would just make it easier for people to buy Apple products in general because they won't have to purchase them at full cost outright.
Reportedly, Apple is envisioning a yet-to-be-determined monthly fee that depends on which Apple device a person wants. It'd be different from a monthly installment program, where the full cost is split across 12 or 24 months. Essentially, you'd sign up for the subscription service, and then you'd get a new phone or whatever. The Cupertino-based company has reportedly discussed allowing you to swap out the device for new models every year or so. But your payment wouldn't end after a year or two; you'd keep paying a monthly fee, with the guarantee of getting new hardware possibly once a year.
Apple's subscription service is expected to launch at the end of 2022, but it could be delayed into 2023 or even canceled. The subscription would likely be managed through your Apple account on your device, through the App Store, and on the company’s website. It would likely also be an option served up at checkout on Apple’s online store and at its physical retail locations.
Keepin mind the iPhone, which typically accounts for more than half of Apple sales, generated nearly $192 billion last year for the company.