Apple Music has 6.5 million paying users, Tim Cook reveals
Apple Music was launched in June as a $9.99 monthly service offering unlimited access to the world’s music, competing with the likes of Spotify and Rdio. A month after launch, in early August, Apple said it had around 11 million trial members. It now has 15 million total users of the service, said Cook at the Wall Street Journal’s WSJ.D Live. Out of that, 6.5 million people are now paying to use Apple’s music streaming service, according to the Cupertino-based company’s CEO Tim Cook.
This compares to the more than 20 million monthly subscribers and over 75 million active users that market leader Spotify currently boasts.
Daniel Ives, an analyst with FBR & Co., said the 6.5 million paid subscribers is better than he had expected and shows that Apple Music is “off to a solid start.
“Now the goal is for Apple to further spread the gospel to/convert more trial customers over the next three to six months while adding unique content and services.”
Richard Windsor, an analyst at Edison Investment Research said 6.5 million paying subscribers is worth annual revenues of $780 million for Apple.
“However, how many users have forgotten to cancel the service and will do so after the first month when they receive the bill is unclear. Either way, this is pretty good performance and implies that around 60% of users who trial the service go on to pay for it.”
Cook also announced that pre-sales for the revamped Apple TV begins Monday, and that the $149 product will be available the following week.
The set-top box will bring apps to TV viewing, and offer voice control search via Apple’s Siri personal digital assistant.The current Apple TV sells for $69.
