Apple Music Reaches 10 Million Subscribers
The Financial Times is reporting that Apple Music has reached10 million subscribers. This is an incredible pace for the streaming service as it has achieve the 10 million subscribers mark in just six months. For a comparison, it took Spotify four years to reach 10 million subscribers.
It's not a completely fair comparison as Apple Music launched in a market where streaming had become commonplace. Spotify currently has around 20 million subscribers and insiders say the streaming service will likely announce that they have eclipse 25 million very soon.
According to Hypebot, news that Apple Music was doing well surfaced as labels began receiving their first full royalty checks from the streaming service. Hypebot stated that several sources told them the checks they received were bigger than expected.
The momentum for Apple Music appears like it will not slow down either. Industry analyst Mark Mulligan has predicted that Apple Music will pass the 20 million subscribers mark by the end of 2016..
Apple Music has certainly been helped by the Apple brand name as well as the name power of the artists involved in the service. Apple Music earned a major coup with Dr. Dre's involvement when the company purchased Beats Electronics, which Dre co-founded with Jimmy Iovine. Dr. Dre's first album in 16 years, Compton, was only available for streaming on Apple Music. The service has also been popularized by Beats 1 Radio, a 24/7 online radio station which produced shows curated by likes of Drake and Pharrell.