Apple drops plans for its long-rumored iPhone hardware subscription service that would let customers subscribe to get a new iPhone each year.

From Gurman's "Apple Halts Effort to Build iPhone Hardware Subscription Service" posted Wednesday by Bloomberg.

Apple is no longer working on a subscription service for iPhones, Bloomberg reports, citing people close to the matter. Rumors about the possible service first surfaced in 2022. Instead of paying for an iPhone upfront,

Apple Inc. has halted work on a project to build an iPhone hardware subscription service, according to people familiar with the matter, retreating from an attempt to change the way consumers buy its flagship device.

Apple is no longer planning to launch a hardware subscription service that would let customers "subscribe" to get a new iPhone each

Apple is no longer working on the iPhone subscription service, which was rumored to offer customers the latest models for a monthly fee.

This iPhone subscription service had reportedly been planned for launch the same year it was leaked, but was delayed by issues such as software problems and legal concerns. Now it

Apple has been rumored to eventually offer a subscription service for the iPhone. Unfortunately, it looks like those plans have been laid to rest.

Apple first started concocting the scheme to change the way people buy phones back in 2022. The theory for the company, according to reporting from Bloomberg at the time, was to shift phone ownership into a model closer to leasing a car.