Apple is reportedly working on a new subscription service for the iPhone. The company’s new hardware subscription model will let you get an iPhone for a monthly subscription. It is different from paying an EMI because it would be priced lower and continue for as long as you use the phone.
Apple’s hardware subscription service could make the iPhone more accessible for many. Some users want to own an iPhone but are unwilling to bear the ownership cost. In the long run, this would also translate into Apple creating a revenue stream out of the iPhone.
Apple hardware subscription service
Bloomberg’s Mark Gurman first reported the development. Gurman also said that Apple is likely to bundle the iPhone subscription with other bundles like Apple One and Apple Care. If Apple does this, then users subscribing to the iPhone won’t have to worry about the high repair costs or app subscription costs either.
Another benefit could be that users could upgrade their iPhones when Apple launches the new iPhone. While this may change the amount, we can expect it to stay well under what the EMI would cost.
While Apple has always charged an up-front premium for the iPhone, the iPhone subscription service would be a welcome move, especially if it is bundled with Apple Care to cover any damage without denting our pockets.
Gurman also reported that Apple would charge this subscription just as it charges the others. If you buy an iPhone on a subscription, the company may ask you to create an Apple ID and link your credit card to it. From then on, it’d be a subscription experience as in-app subscriptions from the App Store.
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Aside from end-users, this could benefit smaller publications and reviewers as they can subscribe to a model to review it. It is also better for recycling devices as they’ll go back to the company without ending up in landfills.
Hardware subscription services are there, but they’re not available for end-users. Companies like Peloton Interactive and Google have already tried out these services. But if Apple pulls this off, it could be the first company handing out phones on a subscription basis.