At SXSW, Apple’s Eddy Cue announced a new milestone for the company’s music streaming service. Reuters reports that Apple Music now has 38 million subscribers worldwide, gaining roughly 2 million subscribers since February.
Apple Music is still falling behind Spotify, which continues to grow with 71 million subscribers worldwide. Going forward, there will be fierce competition between Apple and Spotify as Apple doubles down on its entertainment business. The company acquired the “Netflix for digital magazines” earlier today, and it has also signed the creator of ‘Bob’s Burgers’ for a new original Apple show.
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Apple started shipping its new premium smart speaker last month, which works exclusively with its music streaming service. The company also hired singer Anderson .Paak for a new Apple Music-exclusive track to go along with its new 4-minute long HomePod ad starring FKA twigs and directed by Spike Jonze. And with Spotify set to go public in the coming weeks, the competition between both the music streaming service is something everyone in Silicon Valley will be closely watching.
<p>I am not sure how Spotify is still alive. I have read multiple times in the past that they are burning through money super fast. I believe Apple Music passed Spotify in the US.</p>
<p>The growth rate of Apple Music in the US is 5% versus 2% for Spotify, therefore Apple Music is supposed to surpass Spotify's paid subscriber number before the end of the year in the US. Since the salient statement in the article is that "Apple Music is still falling behind Spotify", it is important to include the fact that Apple Music is not falling behind Spotify in the US, which implies that it is losing subscribers to Spotify or not signing up new customers as fast, which is not the case. World-wide, Spofity's numbers are much larger of course, but those include places where Apple Music either is not available or where Apple has less market presence. </p>