This Small Apple Business Has Massive Potential
Apple's (NASDAQ: AAPL) services business is getting a shakeup. Specifically, the company is putting a bigger focus on advertising, promoting an executive to head the business and report directly to Eddy Cue, senior VP of services. The bigger push into advertising could help Apple continue to grow the services segment as it faces a challenging environment for its device business.
Apple has attempted to push into advertising for a long time. After its 2010 acquisition of Quattro, it launched the iAd network, but it shut it down in 2016 after minimal success. Still, Apple has grown its advertising business, showing ads in the App Store, News, and Stocks apps. It collected just over $1 billion in ad revenue in 2020, but that grew to $3.7 billion in 2021, according to research from Omdia. That number could climb to $5.5 billion this year.
Image source: Apple.
Source Fool.com
