Accessibility links

Breaking News

Apple Music Attracts More Than 11 Million Trial Members


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.

  • 16x9 Image

    Reuters

    Reuters is a news agency founded in 1851 and owned by the Thomson Reuters Corporation based in Toronto, Canada. One of the world's largest wire services, it provides financial news as well as international coverage in over 16 languages to more than 1000 newspapers and 750 broadcasters around the globe.

XS
SM
MD
LG