iPhone for Rent: Apple's considering new hardware subscription plan

As Apple continues to ramp up its subscription services to bolster revenue streams, the Cupertino company is now reportedly considering moving into the hardware subscription sphere, offering some of its most iconic products, like iPhones and iPads, on monthly plans.

The scheme could revolutionize the way we purchase tech and unlock new possibilities.

A GROWING SUBSCRIPTION ARM

In recent years, Apple has made no secret of the fact it wanted to reduce its heavy reliance on hardware and increase profit margins from its service division. Indeed, as iPhone sales began to plateau with the company seemingly ‘perfecting’ the iPhone and only adding small changes year by year, the company began to invest heavily in a string of new service offerings that have had mixed rates of success. Indeed, Apple Music, which launched in 2015, is now a household name and a brand second only to Spotify, which continues to dominate thanks to its free music tier. Since then, Apple’s boosted its iCloud offering and most recently introduced iCloud+ with a VPN and the option to hide your email address. Apple made the unprecedented move of launching the Apple Card, too, partnering with Goldman Sachs to give consumers a new way to spend, and since then, we’ve seen service after service launch. The ill-fated Apple News+ offers consumers access to premium publishers, whilst Apple Arcade is a $4.99 subscription that allows consumers to access amazing games from some of the world’s most celebrated studios - all without microtransactions and ads. Apple TV+ has had a slow start but is slowly starting to find success, and its recent movie CODA even picked up a gong at the Oscars. Apple has also launched services like Apple Fitness+ and most recently Podcast Subscriptions to allow users to give back to their favorite creators. Whilst not every service has been met with universal acclaim, it has been brave of Apple to launch so many services, and dip its toe into so many pies, and it’s likely some of these services will evolve and grow over time, whilst others could be discontinued.