Apple Launches Long-Awaited Subscription Plan For Apps

At long last, Apple has rolled out its subscription plan for apps delivering content.

The service will apply for all apps delivering content--magazines, newspapers, videos and music--on the same model as the recently launched app for News Corp's "The Daily." Under the plan, Apple will keep 30 percent of all profits on apps sold, with publishers setting the price and the length of the subscription.

"Our philosophy is simple--when Apple brings a new subscriber to the app, Apple earns a 30 percent share; when the publisher brings an existing or new subscriber to the app, the publisher keeps 100 percent and Apple earns nothing," said Steve Jobs in the statement.