A recently leaked internal memo revealed that Apple Music now has 40 million subscribers, up 2 million from 38 million just two months earlier. That's led a leading analyst to predict 40% annual growth for Apple's music streaming service.
The WSJ reports:
Ben Schachter of Macquarie Capital estimates that Apple Music will average 40% annual growth over the next three years, making it the fastest-growing part of the company’s services segment. Apple is expected to report total service revenue of $8.3 billion for the fiscal second quarter being reported on May 1—up 18% on year.
Expect increased competition between Apple Music and Spotify with new features, discounts and more exclusives. All should be on full display during a major Spotify press event scheduled for next week and its first quarterly earnings report the following week.