Accessibility links

Apple Music Attracts More Than 11 Million Trial Members

  • Reuters

Apple Inc's new music streaming service has attracted more than 11 million members during its free trial period, the company said Thursday.

Apple Music rolled out a three-month free trial period on June 30. Nearly 2 million people opted for the free trial family plan, which will cost $14.99 a month for up to six family members, the company said.

Apple's iTunes Store helped revitalize the music industry a decade ago, but digital downloads have slumped in recent years amid a shift toward streaming. Unlike popular streaming services from rivals like Spotify, Apple's offering does not include a free on-demand tier, a decision praised by some in the music industry.

Apple also said its App Store saw the largest-ever number of customers in July, yielding $1.7 billion in transactions.

Apple set a high water mark for App Store customers in China in July. It said it has now paid developers almost $33 billion.

Although App Store transactions are on the rise, Apple still draws the majority of its revenue from sales of hardware such as its blockbuster iPhone.

In the most recent quarter, Apple's revenue rose 32.5 percent to $49.61 billion from a year earlier, beating Wall Street expectations of $49.43 billion.

The company's stock has dipped recently amid concerns about how its growing business in China will fare amid economic downturn in the country.

XS
SM
MD
LG