Apple introduced the iPhone Upgrade Program in 2015, allowing its customers to get the latest iPhone every year for a relatively low monthly fee. Now, the company is reportedly putting together a subscription plan that'll include not only Apple hardware like iPhones, but also access to several of Apple's existing subscription products like Apple Music and Apple News. It sounds a lot like Google's Pixel Pass, which includes a Pixel phone and services like YouTube Premium for a discounted monthly payment, though there are some key differences.

According to Bloomberg's Mark Gurman, Apple's been working on this particular subscription model for a few months now. While the company already offers both the aforementioned Upgrade Program and service bundles in Apple One, there's currently no way to get an iPhone and subscriptions to Apple's various services in a single monthly payment. The upcoming subscription plan would include both, plus warranty coverage, for a monthly fee. The plan could also include access to the latest models of other Apple hardware products like the iPad and Apple Watch.

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Google's Pixel Pass program includes a Pixel 6 or Pixel 6 Pro, along with warranty coverage and subscriptions to YouTube Premium (including YouTube Music), Google Play Pass, and 200 gigabytes of cloud storage through Google One. It starts at $45 per month for the base-model Pixel 6.

Where Pixel Pass differs from Apple's reported upcoming program is that Pixel Pass is intended to pay off your Pixel phone over the course of two years, after which the phone is yours to keep. You then have the option to renew your subscription to get whatever the newest Pixel phone is by that time (in theory, at least; the program has only existed for a few months). Apple's tack, meanwhile, would be more of a lease: you'll never outright own your hardware, but after making payments on it for a year, you can trade it in for the new model and continue making payments — and so on.

Apple's hardware subscription program is expected to launch late this year, though Gurman notes his sources say it could be delayed or end up scrapped altogether.