Winter 2017 has been great for Apple Music. Last month Spotify said it had more than 70 million paid subscribers. The last time we heard about Apple Music’s numbers was back in September – at which point they had 30 million. But there are now reports that the streaming music service by Apple has 36 million users – 6 million new users in 4 months.
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That growth likely has rival Spotify looking in Apple’s direction. The Wall Street Journal reported that while Apple saw 5% growth per month while Spotify has a meager 2% growth rate. But the Journal also said that Spotify has much better growth in countries other than the U.S.
The possibility of Apple Music overtaking Spotify in the coming months and years is not good news for an already embattled company.
According to Digital Music News:
Once the company’s Wall Street offering goes live, however, investors worry that it may never turn a profit. In the past few years, Spotify’s losses have nearly tripled. In 2015, the platform posted operating losses of $205 million. A year later, the streaming music service lost $600 million.
According to a report last December, top executives earn seven-figure salaries. The company will also spend more than $566 million on a 17-year lease in Manhattan. Spotify had to pay almost $31 million in upfront payments.
For now, Apple is still #2 in the streaming wars, but if they continue with this growth trend, it may not be for long.