Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Apple Music hits 6.5 million paid users: Tim Cook

Published 10/20/2015, 05:41 AM
Updated 10/20/2015, 05:41 AM
© Reuters. Apple CEO Tim Cook waves as he arrives on stage to deliver his keynote address at the Worldwide Developers Conference in San Francisco

By Julia Love

(Reuters) - Apple Inc's (O:AAPL) new music streaming service has netted more than 6.5 million paid users, the tech giant's Chief Executive Officer Tim Cook said on Monday.

Speaking at a technology conference organized by The Wall Street Journal in Laguna Beach, Calif., Cook said that an additional 8.5 million people are participating in a free trial of the Apple Music service. That gives it more than 15 million users in total, which Cook described as a successful debut.

"I'm really happy about it, and I think the runway here is really good," Cook said.

Released in June, Apple Music is the company's attempt to carry its dominance of digital music through its iTunes store into the era of music streaming pioneered by Spotify and others. Apple is allowing users to test its service with a 90-day free trial, which elapsed for the first users earlier this month.

Analysts have predicted that Apple's service will find a strong following due to the vast installed base of iTunes users, but few think the iPhone maker will eclipse other music streaming companies. Spotify, the industry leader, has more than 20 million paid subscribers worldwide, the company has told Reuters.

In a wide-ranging conversation with Gerard Baker, editor in chief of The Wall Street Journal, Cook also touched on Apple TV, which recently received a long-awaited update. A new version of the set-top box featuring apps and expanded search features will be released later this month, but the product does not include a streaming TV service, which industry executives say the company is exploring.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Although television has been slow to change, Cook expressed optimism that the industry will eventually embrace his vision of apps for TV.

"There are very few content owners that believe that the existing model will last forever," Cook said. "I think the most forward-thinking ones are looking and saying, 'I'd rather have the first-mover advantage.'"

Cook did not publicly acknowledge efforts by Apple to build an electric vehicle, which sources tell Reuters are under way. But he sketched out his future vision of what cars will look like, with a greater infusion of technology.

"What I see is that software becomes an increasingly important component of the car of the future," he said. "You see that autonomous driving becomes much more important."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.