Apple share price down 1% with streaming TV and credit launch

The tech company will launch a subscription TV service, a news service, and a credit card.

Apple logo after new streaming and credit card service Source: Bloomberg

Apple share price is down after the company announced three upcoming major new services. Chief executive officer, (CEO), Tim Cook, unveiled Apple TV +, a TV subscription service, Apple News +, a news subscription service, and a credit card, Apple Card.

Apple TV + streaming service

For years, there has been speculation that there would be a video on demand service from Apple. Now the tech company confirmed it will have programs from stars like Oprah Winfrey and Reese Witherspoon on its Apple TV+ streaming service.

The corporation is projected to spend $2 billion on original content like Netflix and offer premium channel subscribers access to networks like HBO and Showtime similar to Amazon. The Apple TV + app will be available on Apple devices, Amazon Fire TV devices, and other TV brands as well in May. Apple’s Peter Stern touted the new service before the launch event.

‘We designed a new TV experience where you can pay for only the channels you want, all in one app, with the password you already have. Watch everything on demand and ad-free. Download your shows to take with you anywhere. Enjoy the highest quality picture and sound available,’ said Stern.

Apple News + news subscription service

In addition to the streaming service, the corporation is preparing a $9.99 subscription news service. Apple News + will be part of the Apple News app and will offer subscribers access to content from magazines like National Geographic and newspapers like Wall Street Journal.

The company said that the subscription service will have the content layouts easily readable on a phone and offer readers more privacy. Apple says advertisers won’t be able to track Apple News + readers and target them to sell products.

Apple Card

Apple is also releasing its own titanium credit card. Cook said that the Apple Card will be a disruptor in the credit card industry.

‘We saw an opportunity to transform another fundamental form of payment, and that’s the credit card,’ said Cook.

The tech corporation’s card promises to make customers more fiscally responsible. The Apple Card will help users track their spending through their Wallet App on their iPhones. The card will also differ from other credit cards by not having late or annual fees. Apple vice president of internet services, Jennifer Bailey, said the Apple Card will have low interest rates.

‘Our goal with Apple Card is to provide each customer with an interest rate which is the lowest in the industry,’ said Bailey.

Apple launches services to expand its brand

Apple has announced all these services and a gaming subscription service to branch out beyond iPhones and iPads. Apple wants to offer a wide range of services to consumers, and Cook noted that during the launch event.

‘We’ve also been creating a growing collection of world-class services, and that’s what what today is all about,’ said Cook.


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