Apple just announced Apple News+, a news subscription service

FILE - In this June 4, 2018 file photo, Apple CEO Tim Cook speaks during an announcement of new products at the Apple Worldwide Developers Conference in San Jose, Calif. Apple is expected to announce Monday, March 25, 2019, that it's launching a video service that could compete with Netflix, Amazon and cable TV itself. (AP Photo/Marcio Jose Sanchez, File)FILE - In this June 4, 2018 file photo, Apple CEO Tim Cook speaks during an announcement of new products at the Apple Worldwide Developers Conference in San Jose, Calif. Apple is expected to announce Monday, March 25, 2019, that it's launching a video service that could compete with Netflix, Amazon and cable TV itself. (AP Photo/Marcio Jose Sanchez, File)Associated Press

  • Apple announced a new subscription news service called Apple News+ during a special event at the Steve Jobs Theater on Monday.
  • Along with Apple's new subscription TV service, the Apple News update is a big part of the company's plan to drive new revenue growth with new subscription offerings.

Apple announced a news subscription news service, Apple News+, on Monday during a special event at the Steve Jobs Theater in Cupertino.

"With news being so important, it's critical to us that news be trustworthy," Tim Cook said on stage.

Apple's decision to move towards selling subscription services represents a shift in the company's business model. The company has typically focused on selling hardware like iPhones and MacBooks, but sales have slowed in recent years.

Selling subscriptions gives Apple an opportunity to leverage the large userbase currently using Apple products. Based on Apple's February earnings report, Apple Music has more than 50 million paid subscribers; Apple News has 85 million people using the free version of the app, making it the most popular news app in the world. Apple also earns revenue when users sign up for third-party subscriptions through Apple's apps.

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