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The HomePod is essentially a delivery device for Apple's services, which currently generate $28 billion a year in revenue. Apple Music is estimated to have over 20 million users. No doubt the company is hoping the HomePod, which will retail at $349 starting in December, will drive that number up.
Apple's success in the past hasn't come from inventing new products. The iPod wasn't the first MP3 player, and the iPad wasn't the first tablet. But Apple does have a knack for taking an existing product and creating the brand that dominates the market. Will the HomePod be the next chapter in that story?
Money Morning Director of Technology & Venture Capital Research Michael Robinson joined CNBC World Monday night to weigh in with his take on what the announcement means for Apple stock:
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