Apple Music Now Has 30 Million Paid Subscribers, as Apple's Content Ambitions Grow

Apple Music Now Has 30 Million Paid Subscribers, as Apple's Content Ambitions Grow

It's been a few months since Apple (NASDAQ: AAPL) updated investors regarding its Apple Music paid subscriber base, but the company has now done just that. In an interview with Billboard, Apple Music chief Jimmy Iovine confirmed that the company now has "well over 30 million" paid subscribers. That's up from the 27 million in June, which translated into a $3.25 billion run rate for the service. Creative director Zane Lowe and head of content Larry Jackson also sat in for the interview.

Along with Spotify, which had 60 million paid subscribers as of July, Apple Music is helping drive the music industry's comeback. After decades of growth that peaked around 2000, the U.S. music industry suffered severe contraction over the following decade. Revenue is now bouncing back in a big way, thanks primarily to the growing popularity of paid streaming services. Still, Iovine is just getting started.

Image source: Apple.

Continue reading

Source: Fool.com