Jennifer Booton reports for MarketWatch, “While Apple Music got off to a rough start with scrutiny over its free-trial royalty rates, music-industry insiders representing both major and independent labels agree on one thing: Apple’s streaming service is a big plus for the industry.”
Booton reports, “One oft-repeated theme at a news conference Tuesday afternoon at the New Music Seminar, a three-day industry conference held annually to discuss the future of music, was that competition — Apple’s entry, in specific — is a good thing for streaming.”
“But it’s more than just good, according to Tom Silverman, the founder of the New Music Seminar and CEO of Tommy Boy Entertainment, a record label established in 1981 representing Coolio and Method Man,” Booton reports. “He said Apple has the potential to triple the growth of streaming if it can convert 200 million free-trial sign-ups into subscribers, which would roughly match the conversion rate of Sirius XM Holdings.”
Read more in the full article here.
MacDailyNews Take: Apple Music is coming. After June both, the music industry will be forever changed.
SEE ALSO:
Apple Music signs 20,000 labels and distributors worldwide – June 24, 2015
Apple and ‘boneheaded’ decisions – June 23, 2015
Metallica’s Lars Ulrich backs Apple Music after its Taylor Swift moment – June 23, 2015
How Taylor Swift became music’s most powerful voice – June 23, 2015
Apple Music to pay rights holders on a per-stream basis during three-month free trial – June 22, 2015
Taylor Swift wins streaming battle as Apple backs down on royalty payments – June 22, 2015
Apple responds to Taylor Swift, indie label complaints; will pay royalties during Apple Music 3-month free trial – June 22, 2015