“Apple Inc. is poised to unveil what analysts and record label executives hope will be a game-changer in the way consumers listen to music,” Ryan Faughnder reports for The Los Angeles Times. “Taking on the likes of Spotify and Pandora, the Cupertino, Calif., tech giant is expected to announce a $10-a-month streaming service and revamped Internet radio feature at its developer conference in San Francisco on Monday.”
“Apple is suffering from the worldwide decline of digital downloads as young people increasingly turn to streaming online, craving inexpensive access to virtually unlimited music instead of adding tracks to iTunes libraries,” Faughnder reports. “Now the record industry is looking to Apple to bring subscription-only streaming to the masses and help reverse years of declines in the global music market… Its iTunes store has 800 million user accounts, giving it access to a huge market of potential subscribers.”
“‘This is expected to be a mainstream, possibly transformative announcement,’ said Larry Miller, a music business professor at NYU-Steinhardt,” Faughnder reports. “Given Apple’s wide audience, the new service could overtake Spotify’s subscriber count within several months, said one music industry insider.”
Much more in the full article here.
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