The Latest: Apple unveils news subscription service
CUPERTINO, Calif. (AP) — The Latest on Apple’s streaming TV event (all times local):
Apple will debut a subscription news app that lets users read articles from hundreds of magazines, including Rolling Stone, The New Yorker and Cosmopolitan.
The new service will be called Apple News Plus and will cost $10 per month.
It will also have articles from some newspapers, including The Wall Street Journal and The Los Angeles Times.
The company is announcing the service at Monday’s event at its Cupertino, California, headquarters.
The new subscription is a way for Apple to bring in revenue from selling digital subscriptions as sales of the iPhone decline. Apple says 5 billion articles are read on its current Apple News app each month.
The news industry has struggled for years as advertising dollars shift to social media and other digital media. But some publishers are wary to participate in Apple’s news service because the company is reportedly taking 50 percent of subscription revenue.
Apple is expected to announce Monday that it’s launching a video service that could compete with Netflix, Amazon and cable TV itself.
It’s a long-awaited attempt from the iPhone maker, several years after Netflix turned “binge watching” into a worldwide phenomenon.
The new video service is expected to have original TV and movies that reportedly cost Apple more than $1 billion — far less than Netflix and HBO spend every year.
Also expected is a news subscription service.
The iPhone has long been Apple’s marquee product and main money maker, but sales are starting to decline. The company is pushing digital subscriptions as it searches for new profit growth.