Apple, Inc. (NASDAQ:AAPL) has reported 20 million paid subscribers that have Apple Music. The company obtained three million users since the interview with BBC and Billboard, where Apple reported 17 million paid subscribers in September. Although this is a great announcement, Spotify has 40 million paid subscribers as of September in an official statement. Spotify also offers a free version that puts total user base at 100 million.
Apple Music has been available to the public for a year and a half and has continued to grow. Securing deals with hip artists that host exclusives entice new users and maintain interest of current ones. Universal Music Group has halted offering exclusive deals to streaming services. Kanye west even ranted about how Apple and other music streaming companies are “ruining the music business.”
Apple Music Head Eddie Cue said that there is more room to grow, “We can’t forget that, as an industry, we still have very few music subscribers. There are billions of people listening to music and we haven’t even hit 100 million subscribers. There’s a lot of growth opportunity,” Cue said in the Billboard interview.