Apple readies subscription bundles to boost services: Bloomberg News By Reuters

Apple readies subscription bundles to boost services: Bloomberg News By

© Reuters. Apple logo is seen on the Apple store at The Marche Saint Germain in Paris

(Reuters) – Apple Inc (NASDAQ:) is readying a series of subscription bundles that will let customers sign in for several of the iPhone maker’s digital services at a lower monthly price, Bloomberg News reported on Thursday.

The bundles, dubbed “Apple One” inside the Cupertino, California-based company, are planned to launch as early as October alongside its next iPhones, the report said, citing people with knowledge of the effort.

The bundles are designed to encourage customers to subscribe to more Apple services, which will generate more recurring revenue, according to the report.

Apple did not immediately respond to a Reuters request for comment.

Apple’s services business, which includes iCloud and Apple Music, has been growing at a rapid pace as it adds more digital offerings to diversify its business at a time when iPhone sales start to mature in key geographies.

According to Bloomberg, the company is also developing a new subscription for virtual fitness classes that can be accessed through apps on the iPhone, iPad and Apple TV and will be offered in a higher-end bundle with the rest of its services.

The service would compete with virtual classes offered by companies, including Peloton Interactive (NASDAQ:) Inc and Nike Inc (NYSE:), it added.

With millions of Americans choosing to exercise at home, demand for fitness apps is surging. While Peloton crossed 1 million subscribers in May, Nike said it added 25 million new members in the fourth quarter across its platforms.

Adding to existing services, Apple last year launched an ambitious video-streaming service, called Apple TV+, along with its credit card, a subscription news app and a videogame service.

Shares of Apple have risen nearly 54% this year and are just $16 away from making the iPhone maker the first publicly listed U.S. company to hit a $2 trillion market capitalization.

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