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Apple Music Hits Major Milestone

Apple Music Hits Major Milestone
According to reports, Apple Music has surpassed 10 million subscribers.

In just six months, Apple has achieved the same benchmark that took Spotify six years to accomplish: the registration of over 10 million subscribers. According to a report by the Financial Times, Apple's music streaming service has crossed this important threshold, and is now placing direct heat on Spotify (which currently has over 20 million subscribers). Following the positive response from within Apple's ecosystem after the service's launch in June, Apple Music was released for Android. The streaming service evolved out of the company's acquisition of Beats Music. Apple still provides an online radio station called Beats 1, and rumors suggest that the company may be working on a slew of additional stations with various specific music genres in mind.

Apple Music's milestone represents a trend in music consumption through streaming rather than downloading. The Financial Times explained that the industry witnessed a 50% increase in music streaming in 2014, alongside a 9% decrease in US album sales, and a 12% dip in single-track sales. Many analysts are considering Apple's potential to overtake Spotify in the coming years. However, Spotify still has an impressive hold on the market. While the company has twice the amount of paying subscribers than Apple, an additional 75 million users take advantage of Spotify's free streaming services. But with more content being added to Apple Music, including radio stations, music recommendations, the intimate artist-to-fans Connect service, and more, Apple is bringing some serious competition to the paid music subscription market.

Photo: © iStock.
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