Apple surpasses 1 billion paid subscriptions across its services

Apple Inc. has achieved a significant milestone, crossing 1 billion paid subscriptions on its platform.

NEW DELHI — Apple has crossed 1 billion paid subscriptions across the services on its platform, up 150 million during the last 12 months and nearly double the number of paid subscriptions it had only 3 years ago.

According to the iPhone maker, its installed base of over 2 billion active devices continues to grow at a nice pace and establishes a solid foundation for the future expansion of its ecosystem. 

“We see increased customer engagement with our services. Both our transacting accounts and paid accounts grew double digits year-over-year, each reaching a new all-time high. Our paid subscriptions showed strong growth,” said Luca Maestri, Apple’s CFO, during the company’s June quarter earnings call.

“From 20 new games on Apple Arcade to brand-new content on Apple TV+, to the launch of our high-yield savings account with Apple Card, our customers are loving these enhanced offerings,” he added.

Apple CEO Tim Cook said that the company logged an all-time revenue record in Services driven by more than $1 billion in paid subscriptions.

He said that the company is pleased to share the revolutionary Apple Vision Pro with the world, a bold new product unlike anything else created before. 

“Apple Vision Pro is a marvel of engineering, built on decades of innovation only possible at Apple. It is the most advanced personal electronic device ever created, and we’ve been thrilled by the reaction from the press, analysts, developers and content creators who’ve had the chance to try it. We can’t wait to get it into customers’ hands early next year,” he told the analysts.

Priced at $3,499, the Mixed Reality (MR) headset will be available early next year, beginning in the US.

In the June quarter, iPhone revenue came in at $39.7 billion for the quarter, down 2 per cent from a year ago quarter’s record performance.

In the Mac business, Apple recorded $6.8 billion in revenue while for iPads, the revenue was $5.8 billion. Across wearables, home and accessories, revenue was $8.3 billion.

During the quarter, Apple returned over $24 billion to shareholders, including $3.8 billion in dividends and equivalents and $18 billion through open market repurchases of 103 million Apple shares.