Culture

Apple Music hits over 30 million subscribers

Apple Music hits over 30 million subscribers”

Apple Music tells Billboard that it now counts well over 30 million paying subscribers, helping fuel a 17 percent revenue jump for the USA recorded-music business in the first half of 2017 over the same period a year ago, according to the RIAA.

As for the biggest challenges facing the music industry, Iovine notes that it's tough to compete with the wide array of free music options from the likes of YouTube, Pandora, and even Spotify's free tier.

Looking ahead, Apple investors should hope the company can kick its Apple Music efforts into high gear, as services are becoming increasingly important to the company's business. But based on the two companies' most recent updates on subscriber growth, Spotify seems to be growing faster. However, unlike most other markets Apple is in, where the company quickly takes control, it's been unable to unseat Spotify. Apple Music has also been pushing exclusive releases to drive its subscriber growth.

Between Apple and Spotify, the former doesn't have a free subscription plan. A spike in new paid Apple Music subscribers, therefore, should have been expected. Beyond Apple's three-month trial period, the company doesn't offer a free version of Apple Music. Spotify is aiming to file its intention to float with USA regulators towards the end of this year in order to list in the first or second quarter next year, one of the sources said.

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Furthermore, Apple has seen a boom in all paid subscriptions across its services offerings, suggesting consumers have a strong appetite for digital subscriptions.

Spotify, in other words, was adding about 2.5 million subscribers per month between March and July. Worldwide, music streaming revenue leapt 60.4 percent in 2016, lifting recorded music sales for the second consecutive year after 15 years of decline during which revenue dropped by almost 40 percent, according to data compiled by the International Federation of the Phonographic Industry. Paid music subscriptions in the U.S.

Apple Music has managed to almost keep pace with Spotify's growth rate, racking up an average of 15 million subscribers per year, compared to 20 million for Spotify over the past two years. Since the app is available on both Android and iOS, the company recently made all the features from iOS app available onto Android app.

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