As Apple’s annual fiscal earnings continue to set new records for the company, few indications are given about their newcomer Apple Music. With the continuous surge in iPhone sales, this is encouraging given Triton Digital’s report that 78% of total digital music was streamed on mobile devices in August. The company has seen $13.9 billion growth in fiscal year net income -this rivals the entire global recorded music industry at $15 billion last year.
Troubling news for Pandora this week revealed that the company has lost 1.3 million listeners since the emergence of Apple Music and Beats 1. Pandora CEO Brian McAndrews downplayed these concerns as “short-term” and recognized that listening hours on the service has increased 3% despite the dip in listeners. He also noted “This was obviously a unique quarter in the streaming music business.”
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