Chart: Apple Music Is Losing Ground To Spotify

Chart: Apple Music Is Losing Ground To Spotify

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by: Hannah Genig, Benzinga Staff Writer

 

Apple, IncAAPL 0.53%’s streaming service Apple Music has spent significant time in the limelight lately, from Drake’s achievements with "Scorpion" to the recent HomePod advertisement with DJ Khaled.

Spotify Technology SPOT 3.9% continues to drive competition, but is widening its lead over Apple's service, according to a new study.

 

 

What Happened

Spotify has gained significant momentum in the last three years, according to research from Statista.

In 2015, Spotify reported 20 million more subscribers than Apple Music, and the gap continues to broaden. Spotify now has 83 million paid subscribers versus Apple Music’s 40 million, according to the study.

 

Infographic: Spotify Is Pulling Away From Apple Music | Statista

You will find more infographics at Statista

 

 

Why It’s Important

Apple Music appeared to be an unstoppable force upon its release. With a strong brand recognition and large customer base, Apple seemed to be a tough opponent to beat. Yet Spotify has continued to integrate new, no-commitment methods of engaging consumers.

While Spotify’s free service includes advertisements and limited song freedom, the service allows customers to try it out before committing to premium membership costs. Apple Music does not have this option.

 

 

What’s Next

Both streaming services use innovative methods to attract those who are willing to pay for music, but Spotify will likely continue to lead in paid subscriber numbers.

 

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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