Apple on Tuesday announced its long-rumored Apple One bundle, a tiered system of subscription packages that give you access to a suite of the company's digital services like music, video, streaming fitness classes and iCloud storage for one monthly price.

"We found the Apple One services announcement yesterday to be relatively underwhelming: Consumers can't select which services they prefer, savings from itemized purchases are not compelling relative to itemized purchases on annual plans and we believe it could be difficult to move users from competitive music, video or gaming services, where they are often entrenched," Needham analysts wrote in a note to investors Wednesday morning.

"We continue to believe that Apple should look to more creatively bundle its hardware [and] services into integrated subscription bundles.".

With so many incumbents already offering rival services to massive subscriber bases, it's unlikely you'll see many choose to switch to Apple's bundle just because it offers a discount.

Apple didn't leverage its strength in hardware to make Apple One more attractive than any of its rivals, even though it already has the weapon it needs in its arsenal to do that too with the iPhone, the most profitable and popular product it makes.

It's an attractive and popular program that not only drives new iPhone sales, but also helps boost the company's important Services revenue with AppleCare.

The caveat to the Apple One announcement is that Apple didn't announce a new iPhone model for the first time at its September event since 2011.