Apple Metaverse Plans, CEO Tim Cook Teases an App Store full of AR apps

Apple teased its metaverse plans on Thursday when CEO Tim Cook addressed the company’s AR app expansion, eliciting a positive response from investors.

Cook said that the company’s App Store now offers 14,000 AR apps, and that figure would grow with more investment.

“We see a lot of potential in this space and are investing accordingly,” Cook said in answer to a question on the company’s plans for the metaverse, which is a generic term for shared virtual world settings that users can access through the internet.

According to Apple analyst Ming-Chi Kuo and Bloomberg, Apple wants to release an augmented reality headset this year or next year, with glasses following later.
These intentions have yet to be formally disclosed by Apple.

In the just-completed Holiday quarter, Apple’s services revenue increased by 24% to $19.5 billion, exceeding analysts’ expectations of $18.6 billion. The business attracted 785 million members to its premium services, including as streaming music and playing games, up from 620 million a year ago to 745 million the previous quarter.

Apple’s research & development efforts, according to Cook, are focused on the confluence of hardware, software, and services. “That’s where the real magic happens,” Cook stated. “There’s quite a bit of investment going into things that are not on the market at this point.”

An augmented reality device might offer up plenty of new subscription options. Existing fitness workouts & video content may become more appealing as a result of immersive AR experiences.

Apple’s gross profit margins have risen beyond 40% as the services and subscribers have developed, earning acclaim from analysts.

According to Counterpoint Research analyst Neil Shah, metaverse-related services, like as AR apps, might change Apple’s revenue mix.

Shah said, “There is a significant upside to Apple’s services business potentially crossing its iPhone in the next five years,”.

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