Apple is developing a hardware subscription service that would allow customers to "subscribe" and receive an iPhone or other Apple device as part of their subscription, similar to the way current Apple subscriptions like iCloud work, reports Bloomberg.
Customers would be able to pay a monthly subscription fee and gain access to a device for the subscription period. This would be ideal for customers who do not have the funds to buy an expensive iPhone, iPad, or Mac up front, but who can afford a monthly price for the device. It's also possible that Apple will allow customers to have a single all-in-one subscription fee for multiple devices.
According to Bloomberg, the service will be Apple's "biggest push yet" into recurring sales, but the project is still in development and little is known about it at this time. How this initiative would differ from Apple's existing iPhone upgrade program is unclear at this time, but the iPhone upgrade program is limited to the iPhone, and this subscription service would also cover other products.
Apple is expected to implement hardware subscriptions by the end of 2022 or 2023.