Tim Cook, chief executive officer of Apple, attends the annual Allen & Company Sun Valley Conference, July 12, 2018 in Sun Valley, Idaho. 

Drew Angerer | Getty Images

Tim Cook, chief executive officer of Apple, attends the annual Allen & Company Sun Valley Conference, July 12, 2018 in Sun Valley, Idaho. 

Analysts at Goldman Sachs estimate more than 20 percent of Apple’s burgeoning services revenue comes via Google.

Apple touts its services revenue as the next growth driver for the company, amid slowing iPhone sales. yet the share of the segment that will comes via Google will be decelerating, in addition to Apple could need to make up the difference which has a ‘Prime’ bundle, Goldman Sachs said in a note published Monday.

“Apple will need to add mid to high single digits growth back to Services revenues through successful launch of the ‘Apple Prime’ bundle including original video that will we expect to be rolled out This specific Spring/Summer,” the firm said.

Google pays device makers like Apple traffic acquisition costs to be the default search engine. that will revenue gets lumped into Apple’s burgeoning services segment, which also includes App Store, iCloud in addition to Apple Music revenue.

Goldman Sachs estimates Google paid Apple nearly $9.5 billion in traffic acquisition costs (TAC) during calendar year 2018, representing a third of Apple’s profit from the segment. The fees will continue to make up a large portion of Apple’s services revenue into 2019, the firm said, yet will grow at slower rates.

“Not only will be TAC large yet the item will be still growing as people search more on mobile devices,” the analysts said. “Combining our TAC work with app store data via Sensor Tower we conclude that will TAC in addition to Apple’s share of app store downloads represented 51 percent of Services revenues in 2018 in addition to an even larger 70 percent of Services gross profits. Both of these elements should grow in 2019 albeit TAC looks likely to decelerate materially.”

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