Apple said to be working on hardware subscription plans for its phones and other devices

A report by Bloomberg says Apple is working on hardware subscription services that would allow owners to pay a monthly fee and get to use Apple devices for the duration of that subscription period.

This move would allow customers who do not have funds to purchase Apple devices outright to get an Apple device. And if Apple prices it correctly, it could be a good source of recurring revenue for the company.

According to the report, Apple wants to make this process similar to purchasing iCloud storage or paying for an Apple Music or Apple TV+ subscription.

The report says Apple has been working on a subscription plan for months and the service could launch at the end of this year or get delayed next year. However, it also said that it could also end up getting cancelled.

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Plans for these are said to be still in discussion, but subscribers could swap their devices for new ones when Apple announces them. This would be very attractive for users who always want the latest and greatest.

For more cost-conscious users, buying a device outright and then using it for as long as possible is still the most financially prudent way.

This article was first published in Hardware Zone.