“Apple has passed 10m subscribers for its music streaming service, taking six months to hit a milestone that took its arch-rival Spotify six years to hit, say people familiar with the matter,” Matthew Garrahan and Tim Bradshaw report for The Financial Times.

“‘It’s good news that Apple is making streaming work but it is also going to accelerate the decline of downloads,’ said Mark Mulligan, music industry analyst with Midia Research,” Garrahan and Bradshaw report. “Apple was rapidly gaining on Spotify and at its current growth rate had “the potential to be the leading music subscription service sometime in 2017.”

“The rapid growth of Apple Music, which launched in more than 100 countries in June, raises the stakes in streaming, a form of distribution that offers hope to the music industry after more than a decade in the doldrums,” Garrahan and Bradshaw report. “Spotify, which has a valuation of more than $8bn, has laid the groundwork for an initial public offering. By the time it hit 10m subscribers in 2014, the service had 40m active users in 56 markets.”

Read more in the full article here.

MacDailyNews Take:

Daniel Ek: Oh ok.

SEE ALSO:
Uh-oh, Spotify: People are paying up for Apple Music – November 5, 2015
Why Apple Music will win in streaming music – October 27, 2015
Apple Music takes a huge bite out of Pandora – October 23, 2015
Taylor Swift calls Spotify a ‘start-up with no cash flow’ – August 4, 2015
Oh ok, Spotify listeners are upgrading to Apple Music – July 19, 2015
Apple Music could kill more than just Spotify, it could kill music labels, too – June 25, 2015
Why Apple Music will gut and publicly execute Spotify – June 10, 2015
Spotify CEO claims to be ‘ok’ with Apple Music – June 9, 2015
Jimmy Iovine and Eddy Cue: Apple Music gunning for Spotify, YouTube, and terrestrial radio – June 9, 2015
Apple Music’s huge advantage over Spotify – June 9, 2015
Apple’s revolutionary Apple Music just might prove its skeptics wrong – June 8, 2015
Apple unveils revolutionary Apple Music service – June 8, 2015