Apple working on subscription plan for iPhones, other hardware: report
Apple (NASDAQ:AAPL) is reportedly working on a subscription plan to make owning iPhones and other hardware, such as Macs, similar to paying a monthly app fee, Bloomberg reported, citing people familiar with the matter.
Apple (AAPL) shares moved higher on back of the report, gaining nearly 1% to $171.75.
Cupertino, California-based Apple did not immediately respond to a request for comment from Seeking Alpha.
Making the iPhone or other hardware products more akin to a monthly fee may allow the Tim Cook-led company generate more revenue from the devices. It would also be a major shift away from its strategy where it sells its products for full price, though sometimes they can be purchased in installments via the Apple Card or via carrier subsidies, Bloomberg reported.
Bloomberg added that it would differ from an installment plan in that it would not be split into 12 or 24 monthly payments, but rather a set monthly fee depending upon the device.
Apple currently offers several subscription plans for its services, including Apple Music, Apple TV+ and iCloud+. 
The tech giant also offers an all-in-one bundle, known as Apple One, that puts together all of its services for one monthly fee, at three different price points.
On Wednesday, Wedbush Securities analyst Dan Ives said Apple (AAPL) was seeing "stellar" iPhone 13 demand, while adding that the supply chain is also showing improvements.