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If the flood of criticism on social media wasn't enough of a sign, a quick glance at a 24-hour Apple stock confirms that both investors and consumers were unimpressed by Apple's Monday product launch - the company's official coming-out party as a tech-services heavyweight. No doubt, heightened expectations played a role in this - media previews had teased a 'Netflix Killer' and an 'Amazon Prime Killer'. And over the past few months, CEO Tim Cook told any journalist who would listen how the company's burgeoning services revenue would more than offset declining iPhone sales.
Now, analysts have confirmed that the suite of much-hyped services - from the new Apple credit card to its 'Apple TV Channels' streaming service - appeared to disappoint. Apple's new credit card, launched in partnership with Mastercard and Goldman Sachs, offers perks similar to many of its rivals. There are no immediately compelling reasons for consumers to pick the Apple Card over, say, JP Morgan's Chase Sapphire (a popular option for moneyed millennials). And although Apple flooded the stage with celebrities, few are convinced that the service will be able to wrest much market share away from the leaders like Netflix in the already-saturated streaming space.
Company - Services - Subscription - Gaming - Service
Though the company unveiled four new services, including a subscription gaming service, a subscription news service, its new Apple card and a new Apple TV streaming service, analysts said they were left with "more questions than answers," per BBG.
"Apple’s introduction of the new Apple TV+ paid subscription service, or more notably Apple’s push into original content, leaves us investors with more questions than answers," Aaron Rakers, an analyst at Wells Fargo Securities, wrote in a note to clients.
Doubts - Apple - Ability - Stars - Analysts
There are no doubts about Apple's ability to attract the biggest stars. But it still needs to convince analysts that it can bring the same...
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