Apple News Plus service could reach 19 million subscribers by 2023: Analyst

Apple’s subscription news and magazine service Apple News Plus could reach 19 million paid subscribers by 2023, according to an analyst.

Investment bank Cowen analyst Krish Sankar believes Apple News Plus had about 11 million paid subscribers in 2020, generating revenue of about $550 million.

Going forward, Sankar believes that Apple News Plus could reach 19 million subscribers by 2023.

That could rake in $1.14 billion in subscription revenue and $1.02 billion in digital ad revenue from ad impressions, resulting in a total of $2.2 billion, reports Apple Insider.

“We believe Apple’s News app and the News Plus paid subscription service (News platform) are well positioned to not only benefit from incremental subscriber additions but also accelerating advertising revenue growth,” Sankar wrote.