Apple Music is on course to overtake Spotify as the biggest music-streaming service in the US this summer, say experts.
Apple Music was launched in June 2016 in more than 100 countries worldwide, and is adding 5% to its US user-base every month, according to an article in the Wall Street Journal.
Meanwhile Spotify is adding just 2% to its US subscriber numbers, says the report, citing “people in the record business”.
The news comes at a bad time for Spotify, which is preparing for a stockmarket launch.
Boost for Apple
If the figures prove correct, however, it will be a major boost for Apple, which closed at $160.5 on Friday, down 4.34% on the day and its lowest price since the end of October 2016, after releasing its Q1 2018 results.
The fall followed disappointing sales of its new $1,000 flagship iPhone X, with rumours that suppliers had been told to halve production for the first three months of 2018.
The lower-than-expected unit sales – down 1% year on year – disappointed analysts, despite beating revenue estimates.
Revenue guidance for Q2 was also lower than expected at $60-$62bn, compared with a market consensus of $65bn.