Amazon, Netflix, Hotstar, the list of your subscriptions seems to be growing by the day. Now, Apple may add another subscription to its ever-expanding list, and it will most likely be your iPhone. According to a very recent report, the Cupertino-based tech giant is working on a new payment option that would allow users to subscribe to an iPhone rather than purchase it. Let us look at this subscription in details.
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There is not much to learn about Apple’s subscription service till now. This could potentially provide a stronger incentive to exchange one’s old smartphone rather than allowing it to fade into obscurity. According to experts, this could go a long way toward reducing e-waste on the planet.
Apple receives more components to recycle and reuse in new devices as more old smartphones are exchanged. Furthermore, many believe that, depending on the price, a subscription may end up being less expensive in the long run than purchasing an iPhone.
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If the report is correct, Apple wants consumers to subscribe to its hardware products in the same way that they subscribe to Apple Music, iCloud, or Apple TV. Users will be able to rent devices such as iPhones and iPads rather than buying them outright.
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Unlike traditional monthly payments, the subscriptions will not be the device’s purchase price divided into 12 or 36 months. Depending on the device, Apple is likely to charge a monthly fee.
The company has also said that users will be able to exchange older models for newer iPhones once they are released. This is viewed as a great business opportunity for the tech company because it will encourage people to upgrade their smartphones more frequently.
Bloomberg’s Mark Gurman provided a pricing breakdown in his most recent newsletter. According to the journalist, the brand’s revenue from subscriptions may outpace that of upfront iPhone purchases in three years.
According to Gurman, Apple could earn more money than the average selling price of an iPhone – USD 1,260 (approximately Rs 95,100) – by charging USD 50 (approximately Rs. 2600) per month for the Apple iPhone 13, which costs USD 799. (around Rs. 60,300). The price is an estimate for a period of more than three years, according to the report.
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Varushi Yadav
I'm a 4th-year law student at the University of Petroleum and Energy Studies, along with that I'm a creative content writer. So far I have written law-related articles, I like to explore more and I'm always ready to learn more.