Apple Rolls Out Podcast Subscription Service Worldwide
Apple (AAPL) has rolled out a new marketplace for premium podcast subscriptions. Apple Podcasts Subscriptions is the new offering that will allow people in more than 170 regions and countries to purchase subscriptions for their favorite individual shows and groups of shows through channels.
Apple is a technology company leading the world of innovation through its iPhone, iPad, Mac, and Apple Watch products. It also operates some of the biggest software platforms led by iOS, macOS, and tvOS.
Apple Podcasts Subscriptions will allow listeners to discover thousands of subscriptions and channels featuring brand new shows. Some of the genres that podcast lovers can sign-up to include news, comedy, sports, and true crime. Additionally, it will allow subscribers to unlock additional benefits, including ad-free listening and access to new episodes and bonus material. (See Apple stock analysis on TipRanks).
The new service will also offer access to independent voices such as Adriana Lozada, Sarah Stewart Holland, Glynn Washington, and Beth Silvers, among others. Listeners can also subscribe to podcasts from leading media and entertainment outlets, including CNN, NPR, the Washington Post, and Sony Music Entertainment.
According to the VP of Apple Music and Beats, Oliver Schusser, "Listeners can’t get enough of their favourite podcasts and want a simple way to support the extraordinary creators who make them possible."
He added, "Now, listeners can enjoy new content and additional benefits for thousands of new and popular podcasts, alongside millions of free shows, with more arriving every week.”
Apple expects the new service to also benefit content creators by allowing them to grow their businesses while making podcasting a source of information, entertainment, and connections.
Creators will set pricing for each podcast, with listeners being allowed to manage their subscriptions. Additionally, each podcast subscription can be shared among six family members.
Argus Research analyst Jim Kelleher recently reiterated a Buy rating on the stock with a $165 price target, implying 27.3% upside potential to current levels. While the stock has underperformed in 2021 after more than a decade of outperformance, the analyst believes this is down to sector rotation rather than misfiring from the leadership.
Consensus among analysts is a Moderate Buy based on 21 Buys, 4 Holds, and 2 Sells. The Apple average analyst price target of $159.48 implies 23% upside potential to current levels.
AAPL scores a "Perfect 10" on TipRanks' Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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