Eddie Cue, Apple’s senior vice president of Internet Software and Services, plans to restructure Apple Services management with the aim of focusing more on streaming and advertising, according to Business Insider (a subscription is required to read the article). Among the changes:
° Peter Stern, Apple’s vice president of services, is no longer handling advertising, giving him more time to focus on video, news, books, iCloud, Fitness+, and Apple One.
° Todd Teresi, an advertising vice president at Apple, will instead be taking on more responsibility and has been reporting directly to Cue since the beginning of the year.
About Apple Services
On May 5, BanklessTimes.com provided data putting Apple Services’ significance to Apple’s earnings in perspective. The site’s analysis shows that the unit earned the tech giant US$75.1 billion in the fiscal year ending in March 2022.
That was a five-fold jump from the $14.5B it realized in the 12 months preceding March 2013. The latest earnings would place it 115th in the global fortune 500’s rankings if it were a standalone entity.
According to banklesstimes.com, Apple Services would have slotted in between Mitsui and CITIC group on the fortune 500 list. The former would just about pip it to the 114th spot with its $75.56 billion revenue. But it would dislodge the latter ($74.69 billion) from the 115th spot.
At its core, Apple’s services business is about selling digital content and subscriptions to Apple’s customers. It does so through digital platforms, including the Apple Store, Apple Music, and iCloud. Others are Apple TV+, Apple Care, and Apple Arcade.
