Today's Above Avalon stories:

Apple Watch 2.0 to Include Cellular Connectivity?
iPhone Upgrade Program Expands Online
The Music Industry Is Broken

We begin today's email by taking a closer look at the WSJ's claim that Apple is working on including cellular connectivity in its next-generation Apple Watch. We go over the reasons that initially give me pause believing this rumor, followed by one factor that makes the claim a bit more believable. We then discuss Apple's iPhone Upgrade Program being extended to Apple's online store and why this is such a big deal for Apple's ability to extract iPhone profit from the smartphone industry. We conclude with a few thoughts on how album exclusives show that the music industry is broken.

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