Apple Inc. (NASDAQ:AAPL) is on a mission to double its revenue to about $50bn by the end of 2020. The company’s fastest growing business segment, Services, which comprises of App Store, iTunes, Apple Music, Apple Pay and iCloud is the target. From these digital services, the company is expecting to make a whopping$55.6bn in total revenues. In the December quarter, they hit $7.17 billion, which was a representation of 18% year over year growth rate and which the company seeks either to maintain or increase. There has been notable momentum in Apple’s services business in the past year.
The company made it big in December with its App Store given that it garnered $3 billion in sales. At the same time the number of users of Apple Pay has also tripled over the past year In acknowledgment of the company’s efforts, CEO Tim Cook says, “We feel great about this momentum, and our goal is to double the size of the services business in the next four years.”
But Apple is also seeking to revolutionize the television industry
The iPhone maker is expectant of being part of the dramatic changes that are quickly sweeping the media industry. The company is getting engrossed in the production of its own media content. According to a former Apple analyst, Gene Munster, the tech firm is experimenting with a couple of things as it makes its headway into more serious takeaways.
Cook further states that they are already testing the waters through the commissioning of the Carpool Karaoke, which is part of its Music streaming service. During the release of its fiscal first-quarter results, the CEO told Wall Street analysts the company was in the process of learning about the original content business.
Apple might make a big acquisition in the media industry
According to analysts, Apple is bolstering its content ambitions. Speculations of a possible acquisition are rife. This illustrates how confident the company is with its services as Ben Bajarin, an analyst at Creative Strategies explains. Meanwhile, Apple’s stock closed at $129.26 witnessing an increase of $7.91 or 6.51%.