Apple CEO Tim Cook on Monday unveiled a host of new products, including a video-streaming platform, credit card and subscription news tool, as the world’s largest technology company seeks to offset slowing iPhone sales by diving further into services.
The most eagerly anticipated of the products is Apple TV Plus, which will place the company in direct competition with Netflix, Hulu, Amazon and others in the burgeoning business of providing online TV and movie content. The launch comes as Apple seeks to shore up growth, with the company in January posting its first decline in revenue and profit for a holiday quarter in more than 10 years.
In addition to hardware and software, “We’ve also been creating a collection of world class services, and that is what today is all about,” Apple CEO Tim Cook said in his opening remarks.
Apple is betting on services to pick up the slack and for good reason: Three in four Americans have at least one online subscription, and video streaming services are the most popular.
Among other new services, Apple announced its own credit card in partnership with Goldman Sachs that will be compatible with Apple Pay, it’s current app that enables users’ iPhones to function like wallets.
Underscoring the shift in strategy at Apple, the biggest audience response during the Apple event at the Steve Jobs Theater in Cupertino, Calif., was to Apple’s new payment card. Yet from some experts the initial reaction to the card was mixed.
“Frankly, I’m underwhelmed. This card will get a lot of headlines, but its bark is greater than its bite. People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists,” said CreditCards.com analyst Ted Rossman.
Apple Arcade, the world’s first subscription game service, Apple News Plus, which provides access to hundreds of magazines and news site subscriptions were also announced at Monday’s event.