CNBC’s Jim Cramer said on Wednesday, the new cameras uncovered this week for Apple’s new iPhones will be a major boon for Facebook’s photo- and video-sharing platform Instagram.
On Tuesday, Apple introduced three new smartphones – the iPhone 11, the iPhone 11 Pro and the iPhone 11 Pro Max. Each of these was upgraded with a new camera system enabling users to take better wide-angle photos, with the Pro models including a third lens for ultra-wide-angle shots.
The. “Mad Money” host, whose charitable trust owns shares of both companies, said, “When you see those terrific camera options for the new iPhone, you know what that’s for? Getting the best possible photos for Instagram, which belongs to Facebook.”
He added, “I’m not really qualified to judge the quality of the triple camera in the new phone, but it looks incredible.”
Cramer also said that he loves Apple’s pricing for its much-awaited Apple TV+, which will begin at $4.99 per month for a family account.
The company said on Tuesday that the service will start on Nov. 1 and be offered in 100 countries, adding new shows each month.
He said, “I’ve looked at some of what they’re developing for the video platform and some of it’s essential, especially when it’s so darned cheap — less than half the price of Netflix. I like that entertainment revenue stream.”
Previously, Cramer has praised Apple for what he considers a successful transition for being known largely as an iPhone maker to being a services business also. As iPhone sales decline, the company has been putting more focus on its services but individual product lines are still quite important for the company.
Apple also introduced its gaming subscription service, Apple Arcade which is going to launch on Sept. 19 in 150 countries.