Apple saw a big slowdown in revenue from entertainment apps in the App Store in March.
Apple will still be the company that sells you the iPhone, iPad, and Mac, but it also wants to transform itself into a digital services company that charges you for content like cloud storage, music streaming, news, and access to TV shows and movies.
A Morgan Stanley note sent to clients this week examines how much money Apple made from entertainment apps on the App Store. That category includes apps such as Netflix, Hulu, Amazon Prime, and HBO Go, but doesn't include music streaming services. It's a major revenue driver for Apple, because it can take up to 30% of subscription fees for those apps.
According to figures provided by Sensor Tower, which also underpin the Morgan Stanley research, Netflix provided Apple with as much as $256 billion in revenue last year. It was Apple's highest grossing app in any category, so it makes sense that its billing changes would make a severe dent in Apple's entertainment revenue.
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