“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.
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