Apple is finally announcing details behind its much-hyped event on TV and news. Follow live:
“This will be a different kind of event,” Apple Chief Executive Tim Cook said. “We’ve developed world-class services, and that’s what today is all about.” Apple Services—which include iCloud, Apple Pay, and Apple Music— are, among other things, “private and secure,” Cook said to applause.
The first announcement centered on Apple News. The company is revamping it by bringing more than 300 magazines such as Time, Vogue, Sports Illustrated, and The New Yorker. The services will be called Apple News+.Barron’s is inside the Steve Jobs Theater at Apple’s Cupertino, Calif., headquarters and we’ll have the details here live as they’re announced. Today’s event is considered crucial for Apple as its iPhone sales flatten, and the company looks to its growing services division to make up for the revenue loss. Morgan Stanley analyst Katy Huberty predicts Apple services will top $100 billion in sales by 2023. Indeed, the consumer market is embracing digital subscription services in record numbers, according to market researchers. More than two-thirds of U.S. households have a video-streaming subscription service while 65% pay for traditional TV—the first time streaming has overtaken traditional TV in the U.S., according to Deloitte. With Apple’s entry, and the impending launches of services from Comcast’s NBC and Disney , the shift is likely to accelerate, Deloitte says. This isn’t to diminish the impact of Apple’s hardware. Though iPhone sales dipped 15% in the December quarter, they still accounted for 62% of Apple’s $84 billion in total sales for the quarter. Services rose 19%, and made up 13% of total quarterly sales.Apple shares, which historically decline the day of product announcements, traded down nearly 2% this morning. They were down 0.7% as of 1:15 p.m., shortly after the event began.
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