This is how Apple makes money apart from iPhone sales

The sales of iPod, iPad, Apple TV, Apple Watch, Beats products and iPod combined do not constitute the largest earnings pie for Apple! Instead, it is the services by Apple which churns out more revenue than these products. Company’s services division posted a revenue of USD 8.5 billion in the fourth quarter, a 34 percent growth over the year.

Services include revenue from Digital Content and Services (Apple Music, iCloud, etc), AppleCare, Apple Pay, licensing and other services. Apple Music and iCloud during the FY ending quarter saw an increase of 75 percent in the number of subscribers.

The revenue from the services component has seen a stupendous growth and since April 2016 when it surpassed the revenue from the sales of Mac,  has been continuously the second largest money minting division for Apple, behind iPhone. Revenue from iPhone stood at USD 28.8 billion.

The services division’s contribution also got enriched by the growth in downloads from Apple Store, especially following a redesign announced at the Apple Worldwide Developers Conference (WWDC) and launched with iOS 11 in September.

Financial Officer of the most valued company in the world, Luca Maestri said that Apple Store’s revenue is twice that of Google Play Store.

The expansion of Apple Pay to countries around the world also enhanced the revenue of services component. Last month Apple announced its decision to start Apple Pay services in Denmark, Finland, Sweden, and the UAE.

In the US, the company has collaborated with retail chains like Safeway to support Apple Play. The service will be available in over 900 stores in the country.

Apple's Senior Vice President Eddy Cue had recently informed that there are plans to introduce Apple Pay in India.