Apple gearing up to launch monthly hardware subscription service, report claims

Bloomberg is reporting that the tech giant is looking at making hardware ownership similar to paying a monthly app fee

Apple is reportedly working on rolling out a monthly subscription service for iPhones and other hardware.

Bloomberg claims the tech giant is looking at making hardware ownership similar to paying a monthly app fee, citing people with knowledge on the matter.

The project is still in development, the sources said, but would mark a significant push towards recurring sales from the vendor.

Rather than the monthly fee being made up of the price of the device split across 12 or 24 months, it would be an as yet undecided monthly fee that depends on which device the user selects.

Apple did not comment on the report.

Bloomberg reported that the company's shares rose 2.3 per cent on Thursday following the news.

The US news outlet claims the idea is to "make the process of buying an iPhone or iPad on par with paying for iCloud storage or an Apple Music subscription each month".

Users would be able to subscribe to hardware with their existing Apple ID and App Store accounts and the company is also said to have discussed allowing users of the programme to swap out their devices for newer models when they are released.

The company has also had internal discussions about attaching the hardware subscription programme to Apple One bundles and AppleCare technical support plans, it is claimed.