Apple tops 1 billion subscriptions, nearly $100B in services revenue in 2024
Apple reports 1B subscriptions and $26.3B Q4 revenue in Services.
Apple's Services division, which encompasses the App Store, iCloud, Music, and TV+, achieved remarkable success despite a decline in iPhone sales. The tech giant reported an all-time high of $26.3 billion in quarterly revenue for its Services, representing a 14% increase from the previous year. Additionally, the company has over 1 billion subscriptions across its services, bolstered by third-party apps available in the App Store.
The company highlighted a surge in customer engagement, with transaction and paid accounts reaching record levels. Notable expansions in offerings like Apple Arcade and Fitness+ contributed to this growth. Furthermore, the introduction of Apple’s Tap to Pay for iPhone is operational in 20 markets, enhancing service accessibility.
Amid regulatory concerns, Apple's CFO focused on the positive numbers while overlooking potential impacts from new regulations. Despite ongoing antitrust challenges, highlighted by the Epic-Apple case, where Epic Games partially succeeded against Google, Apple's strong position prevailed. The Supreme Court's choice not to hear an appeal ensured Apple was not labeled a monopolist, although it requires app makers to navigate customers to the web from their apps.