The company has reportedly met with regulators recently to evaluate its options, but a direct listing could save costs and be simpler in some ways, particularly if Spotify doesn't need to raise capital. Spotify is preparing to go public through a relatively rare process of direct listing, bypassing an IPO. The service has 140 million total active users (as of June), of which 60 million were paid subscribers (as of July). Spotify offers both ad-supported and paid tiers.
(The company hasn't given an update on Apple Music subscribers since then.) The Apple Music business was already at a run rate of $3.25 billion in June. The Mac maker is ambitiously targeting $50 billion in services revenue by 2020, with Apple Music being a key driver of that growth.
Apple Music is a big part of Apple's growing services business, both now and in the future. Sales used to be dominated by digital downloads, but now paid streaming is the largest contributor.Īpple only offers a paid subscription, a model that the industry greatly appreciates. RIAA CEO Cary Sherman notes that the industry has changed dramatically in just two years. industry revenue in the first half of 2017. Sales are continuing a yearslong trend of recovery, and paid streaming - a market that continues to be dominated by Spotify and Apple ( NASDAQ:AAPL) - comprised 62% of U.S. Through the first half of the year, retail music revenue jumped by 17% to $4 billion, while wholesale revenue grew 15% to $2.7 billion.
The Recording Industry Association of America (RIAA) released its midyear 2017 music industry revenue report earlier this week, sharing numerous statistics regarding the health of the U.S. Evan graduated from the University of Texas at Austin, and is a CFA charterholder.įollow music-streaming services are driving the music industry's comeback in a big way. He was previously a Senior Trading Specialist at Charles Schwab, and worked briefly at Tesla. Evan is a Senior Technology Analyst at The Motley Fool.
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