If Apple (NASDAQ:AAPL) were to monetize advertising beyond the App Store, it could potentially be a $20bn business by 2026, according to BofA analyst Wamsi Mohan.
Mohan said in a research note Thursday that advertising could be the "next driver" for Apple's services growth.
"Apple’s competitive advantage remains its large and captive installed base. Apple’s 1.8 billion installed devices lend themselves naturally to be conduits for advertisers to reach a large demographic. We estimate that if Apple were to monetize advertising beyond the App Store, it could potentially be a $20bn business by 2026, driving up the pace of Services growth back to the high teens vs. concerns of a permanent slowdown
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