Apple Music Now Has 13 Million Paid Subscribers
As revealed by Tim Cook, the chief executive officer of Apple, during a conference call to discuss the tech giant’s latest quarterly earnings report, Apple Music has now grown to 13 million paid subscribers. Cook also added that the company is proud of what its first subscription business has achieved, especially in helping Apple’s Music revenue reach an inflection point after several months of decline.
The music streaming industry is an ever growing and increasingly competitive field, and as a relative newcomer to the proceedings, Apple Music has its work cut out for it. Indeed, competing against already familiar names such as Spotify and Pandora will not be a walk in the park. But Apple’s brand recognition is one of the strongest in the whole world, and it has certainly boosted Apple Music’s chances.
Some see the Apple Music service as a way for Apple to bring more customers to its growing universe. Hopefully, the growing popularity of this music streaming platform will encourage more people to purchase iPhones and iPad devices, which in turn will mean more users buying stuff not only from iTunes, but also other products and services offered by Apple.
Apple has never been known to rack up enormous revenues from its music business, and as a matter of fact, it entered the game rather late. But with the Apple Music service continuing to gain momentum, the company might be re-evaluating how it can make the most out of the warm reception being enjoyed by its music streaming subscription service.
As shared by Luca Maestri, the chief financial officer of Apple, the company’s Music business has been slowing down for several quarters now. But with the introduction of the Apple Music feature, Apple now has both a streaming business model and a download business model in which it can build its music related projects around. Basically, the challenge now for Apple is in finding a way to expand the music business while at the same time ensuring healthy growth.
Apple Music was first rolled out in June of last year, essentially offering music streaming services that feature playlists curated by so-called music experts, Beats 1 (a 24/7 radio station), and Connect (a social feature that allows listeners to connect with their favorite recording artists). Subscribing to the service costs $9.99 a month for individuals, while families or groups of up to six members can avail of a shared plan that costs $14.99 a month.