For Q1, 2020, Apple reported $124 billion in revenue with 11% Y-o-Y growth and Apple Services accounted for $19.5 billion an all-time revenue record with 24% Year-on-Year growth. The company’s CEO Tim Cook said that its Services segment performed even better than their expectations and the impressive results of Apple Services like Apple Music, App Store, Apple TV+, Apple Fitness+, iCloud, and others illustrate the positive momentum towards an increase in the company’s paid subscribers base.
At the Q1, 2022 earnings conference, Mr. Cook shared that consumers’ response to its various Services has been incredible.
The App Store continues to be an economic miracle for developers around the world and a safe and trusted place for consumers to discover their favorite apps. Since its launch, we have paid developers selling digital goods and services more than $260,000,000,000, with 2021 setting a new record for their earnings.
Apple TV+ shows and movies have earned 200 award wins and more than 890 nominations. Fitness+, meanwhile, continues to inspire customers to reach their health and fitness goals. We recently introduced Time to Run, an extension of our popular series Time to Walk, as well as new collections of workouts and meditations to help users make more intentional training choices.
Apple Services saw an increase in customer engagement resulting in double-digit growth in paid accounts on digital content stores
Giving a more vivid picture of Apple Services subscribers base, CFO Luca Maestri shared that the numbers of paid accounts grew double digits in the first quarter of 2022 in every geographic segment. And the addition of new services which they “think the customers will love” has also increased Apple’s paid subscription base.
Next we continue to see increased customer engagement with our services. The number of paid accounts on our digital content stores grew double digits and reached a new all time high during December quarter in every geographic segment.
Also paid subscriptions continue to show very strong growth. We now have more than 785,000,000 paid subscriptions across the services on our platform, which is 165,000,000 during the last twelve months alone.
Read More:
- Apple wearables and home accessories sales revenue hit $14.7 billion in Q1, 2022, an all time record
- Apple Silicon drove Mac sales to an all time high with $10.9 billion in revenue in Q1, 2022
- Apple expects its supply constraints will ease by March, 2022
- iPhone sales accounted for $71.6 billion in Q1, 2022, thanks to strong iPhone 13 demand
- Despite a 14% decline in sales, iPad saw a high number of new customers in Q1, 2022
