In the past few years, streaming has become the new wave for hearing the latest music, podcasts, or watching music videos. According to U.S Money News, Apple’s revenue has grown 24% in 2017, while Apple Music specifically grew by a whopping 91%! Although eye-opening, this news makes sense knowing that the downloading of music has dropped immensely since streaming became available in 2014.
For Apple Music, streaming is not the only source of income. Unlike its major competitors, (i.e Spotify, Amazon Music, etc.) they often collaborate with artists in order to remain exclusive and a primary source of new music and content. As part of the deal, Apple funds superstar artists’ songs and videos and showcases them on TV commercials and online radio stations. Their most recent commercial features music by Anderson Paak, accompanied with a dance by FKA Twigs.
Artists like Drake and Frank Ocean have made deals to only release their albums on Apple Music, thus making the streaming service very much sought after. In addition to perks for the streamers, Apple Music offers great perks for the artists who choose this platform to stream/sell their music on as well. Artists may use this service to dig even deeper, with a global map to see how their songs are doing in any of the 115 countries Apple Music and iTunes operates in. Further geographic and demographic information is available with just a few clicks. Some of this information helps tour planners know which cities to aim for, thus making life a bit easier (and lucrative) for artists.
Apple analyst, Toni Sacconaghi, estimates that although Apple Music is rapidly growing, it is still behind Spotify by at least $10 million. Furthermore, he believes that Apple Music will grow by 70% in 2018, and 50% in 2019!
Which streaming service do you prefer to listen to music on? Let us know in the comments below, and while you’re at it – check out Vashtie‘s Motivation playlist curated on Apple Music!