BuzzFeed is reporting that Apple intends to hold a special event on Monday, March 25th during which it is expected to reveal details about the subscription news service that has hit the headlines in recent months. Apple has not made any major product announcement this year.
The subscription news service is highly likely be the highlight of this event, although the iPhone-maker has previously launched new iPads during March events. BuzzFeed said that the company is not expected to unveil rumored products such as second generation Air Pods and a new iPad mini during the event.
The Cupertino, CA-based company has not commented on or confirmed the said event. Last month, Apple Chief Executive Tim Cook had an interview on CNBC during which he said that there will be “more things coming” this year, but he did not go into specifics.
The said subscription news service is believed to grant access to major publishers such as Bloomberg, The Wall Street Journal, The New York Times, and The Washington Post that restrict access to their websites by putting up paywalls.
According to an article on the Wall Street Journal, users of the service would be required to pay a monthly fee to gain access to unlimited amount of content provided by the publishers. People familiar with the matter said the tech giant told the publishers that it plans to retain about 50 percent of the subscription revenue from the service.
But some publishers like The Washington Post and The New York Times have criticized the terms of the deal and are yet to license their content to the service. These news organizations risk losing revenue as well as the direct relationship that they have with their readers. However, their content would be available to a large number of people that use Apple devices.
Apple hopes to hit services revenue of $50 million by next year as it grapples with slumping sales of its high-end smartphones in Greater China. The tech giant acquired an app called Texture last year, which offers users access to unlimited amount of magazine content by subscribing for $9.99 per month.
Apple, Inc Profile
Apple, Inc. engages in the design, manufacture, and marketing of mobile communication, media devices, personal computers, and portable digital music players. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.
The Europe segment consists of European countries, as well as India, the Middle East, and Africa. The Greater China segment comprises of China, Hong Kong, and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries. The company was founded by Steven Paul Jobs, Ronald Gerald Wayne, and Stephen G. Wozniak on April 1, 1976 and is headquartered in Cupertino, CA. – CNN Money