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The wait for Apple Inc.'s (NASDAQ:AAPL) Podcasts subscriptions may finally be over, if reports are to be believed.
What Happened: Apple Podcasts will launch in-app subscriptions globally on June 15, the Verge reported, citing a company email to podcasters.
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The company first announced Podcasts subscriptions on April 20, as a service providing a global marketplace for listeners to find premium subscriptions offered by their favorite creators.
At that time, Apple had said the service will become available starting May.
Later in May, reports suggested the company is delaying the launch of Podcasts subscriptions to June, given its intention to provide the "best experience for creators and listeners."
Podcasters have also complained Apple's latest Podcasts updates made ahead of the subscription offering led to delays in their shows appearing on the platform, analytics breaking and artwork going missing.
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Related Link: Why A Podcast Is A 'Hobby' For Apple And 'Career' For Spotify
Why It's Important: Shortly after Apple unveiled its subscription offering, music streaming service Spotify Technology SA (NASDAQ:SPOT) also announced a similar paid subscription platform for podcasters.
Loup Ventures Managing Partner Gene Munster estimates the podcast marketplace to add over $600 million in revenue for Apple by 2026 and account for 0.5% of the operating margin.
The podcast marketplace, though it will be small for Apple, is another offering that furthers user engagement with Apple services, increasing the stickiness of Apple's ecosystem, according to Munster.
Price Action: Apple shares were up 0.31% at $127.13, while Spotify was slipping 1.98% to $237.70 at market close Wednesday.
(Photo: Soundtrap via Unsplash)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.