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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Apple Announces Paid Podcast Subscriptions to Rival Spotify

Mark Gurman
·1 min read

(Bloomberg) -- Apple Inc. announced subscriptions for its Podcasts app, letting users pay creators directly and access ad-free listening experiences.

The company made the announcement at its Spring Loaded event on Tuesday. The service will be available through the Podcasts app that comes with the iPhone, Apple said.

The service joins several other paid digital offerings launched by the Cupertino, California-based technology giant in recent years, including Apple TV+, Apple One services bundles, Apple News+, Apple Arcade and Apple Fitness+.

Services have quickly become one of Apple’s chief revenue drivers, bringing in more than $50 billion in revenue during fiscal 2020. Apple has long been involved in the podcasting industry and helped drive its popularity with iTunes and the iPod 15 years ago.

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