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Apple Primetime: with iPhone sales slowing, Apple bets on video, gaming, news and a credit card

The company takes on tech giants, Hollywood and banks

IT WAS NOTHING like Steve Jobs introducing the iPhone. But the two-hour show onMarch 25th put on by Tim Cook, Jobs's lesshistrionic successor as boss of Apple, maynevertheless be remembered as a milestone for the company?and the entertainment industry. Mr Cook did not announcethe latest sleek gadget. Instead, he unveileda suite ofproducts andservices, includingvideo streaming, news, games and even acredit card. As theatre, it was underwhelming?star-studded supporting cast including Oprah Winfrey notwithstanding. As abusiness case, it looks more compelling.

Apple's 900m iPhones worldwide, more than six times as many as Netflixhas subscribers,grant it access to a massivepotential audience. Analysts speculate thatApple will eventually offer them a variantof Amazon Prime, where customers pay aflat monthly fee for some combination ofnews, games, cloud storage, music and video,and which could possibly connect with the company's iPhone subscriptions.Mr Cook stopped short of announcing aunique subscription service, promising instead to roll out five separate offerings,some of which are merely older services in nicer packaging.Together, they nevertheless threaten fellow tech giants, Hollywood and banks.

AppleTV+, which gotfeaturedbilling fromMr Cook, would offer original programmingfrom Ms Winfrey, Reese Witherspoon, Sesame Street and others in more than 100countries.The money Apple plansto spend on original shows - perhaps $1bn to $2bn thus far - is dwarfed bythat of Netflix, which will splurgeas much as$15bn this year on original and licensedcontent, or Disney, whose own video-streaming is expected shortly.But Apple's high-profile shows are for now meantchiefly to lure customers into its universe of apps and services.That includes subscription services for games, a catalogue of big American magazines (and a few newspapers, including theWallStreet Journal), and, in America, pay-TV networks such asHBO, Showtime and Starz.You can pay for itall using your new Apple Card, developedwith bankers at Goldman Sachs.The credit card puts Apple in direct competition with banks: it has no fees and will give users 2% cashback on purchases made via Apple Pay, the company's payments system - or 3% on purchases of Apple kit and services.

Streamlining Apple, revenue by product 2012=100 300 Services 250 200 iPhone 150 100 iPad, Mac and other 50 2012 13 14 15 16 17 18 Fiscal years ending September Source: Company reports; Sensor Tower