Subscription service on App Store announced by Apple

Today Apple announced they will start a subscription service on the App Store. This will allow developers to offer subscription services on a wide range of content from music to video to magazines.

Subscriptions purchased from within the App Store will be sold using the same App Store billing system that has been used to buy billions of apps and In-App Purchases. Publishers set the price and length of subscription (weekly, monthly, bi-monthly, quarterly, bi-yearly or yearly). Then with one-click, customers pick the length of subscription and are automatically charged based on their chosen length of commitment (weekly, monthly, etc.). Customers can review and manage all of their subscriptions from their personal account page, including canceling the automatic renewal of a subscription. Apple processes all payments, keeping the same 30 percent share that it does today for other In-App Purchases.

You can read the full announcement here.

Apple has also updated the review guidelines which you can review here.