So far for music streaming, Spotify has shattered all records and are going pretty strong with 70 million subscribers. Now, Apple Music is also closing this gap by gaining almost 2M subscribers in the past month and reaching to a total of 38 Million Subscribers worldwide.
This sudden increase in the subscribers might come of as good news to Apple but if you look at the statistics, Spotify gained almost 10 million subscribers in a span of 4 months whereas Apple managed to gain only 8 million subscribers in the last 5 months. Still, this increase for Apple is impressive considering the stiff competition from Spotify.
Apple’s executive Eddy Cue said that the world has about 2 billion potential subscribers who have both the access and the means to pay for streaming music, but Apple Music and Spotify’s subscribers have only reached a little more than 100 million combined. So, he believes that there is a large portion of subscription still remaining to be grabbed.
Apple has also included a $1 billion budget for online content where it will be producing its own original shows and movies. With $283.1 billion in cash reserves, Apple can well buy a media production house like Netflix or Disney, to which Cue denied it by saying the company is focussed on ‘quality’ over ‘quantity’.