Apple Inc. is working on a subscription service for the iPhone and other hardware products, a move that could make device ownership similar to paying a monthly app fee, according to people with knowledge of the matter.
The service would be Apple’s biggest push yet into automatically recurring sales, allowing users to subscribe to hardware for the first time — rather than just digital services. But the project is still in development, said the people, who asked not to be identified because the initiative hasn’t been announced.
Apple shares climbed to a session high after Bloomberg reported on the news Thursday and closed up 2.3% at $174.07. Though the stock is still down 2% for the year, Apple has now posted eight straight days of increases — its longest streak since November.Bloomberg