According to a Billboard feature, Apple Music now has over 30 million subscribers. The music and video streaming service picked up 10 million subscribers since December of 2016, and 3 million since Apple’s June 2017 WWDC event. Such growth means Apple Music has added about 1 million new subscribers each month.
Although Apple Music has managed to keep pace with the rapid growth of rival streaming service Spotify, it still has a long road ahead if it wants to catch up and surpass Spotify. As of July 2017, Spotify had more than 60 million subscribers. At this rate, it won’t be easy for Apple to beat Spotify. And Jimmy Iovine, the man who runs Apple Music, knows it.
“I don’t believe that what exists right now is enough,” Iovine told Billboard. “Just because we’re adding millions of subscribers and the old catalog numbers are going up, that’s not the trick. That’s just not going to hold.”
Yes, Iovine thinks Apple Music is ‘not even close’ to success with streaming; but that doesn’t mean he isn’t “extremely” optimistic about the future of Apple Music. “I believe we’re in the right place, we have the right people and the right attitude to not settle for what exists right now,” Iovine said.
Iovine believes Apple Music will win in the long run because (1) it has a vast amount of resources.
Calling Spotify’s costs extraordinary, Iovine said, “It’s going to get bigger and bigger and bigger, and the costs are going to get higher, not lower. Going into new countries means localizing everything. It’s going to cost a lot of money.”
And (2) it is focused on injecting “soul” into subscription streaming services, in particular, and the music industry, in general. Iovine doesn’t want Apple Music to simply stream existing music catalogs; he also wants the service to help artists create more and to help them build closer relationships between their fans through exclusive content like documentaries and interviews.
“We’ve loaded as many creative people as we can into one place,” Iovine said. “What will happen, in my experience, is something really cool.”