Is There Anything Magnetic About Apple Services?

The sky is not necessarily falling for Apple either. I mean, their installed base is not shrinking and the device loyalty continues to be so strong. But the refresh rate is slowing down. The problem with Apple is not that it's losing loyalty. It's that historically they've monetized loyalty by getting you to buy a new phone every year. And now you're still loyal. You just don't want to buy a phones every year. So they have to figure out a new way to monetize.