Apple’s streaming music platform is finding its feet, and apparently winning the race in the U.S.
While presenting its third-quarter financials on Tuesday, the tech giant also revealed its streaming service had clinched leadership status in North America, presumably beating Spotify.
Apple CEO Tim Cook told analysts its Apple Music business has raced to “well over” 50 million current subscribers, and its revenues grew by more than 50% during the quarter.
“Were moving along at a very, very good rate,” Cook said. “It appears to us … that we took the leadership position in North America during the quarter and we had the leadership position in Japan, so in some of the markets that we’ve been in for a long period of time, we’re doing quite well.”
Apple Music launched in June 2015 and has been playing catch-up to Spotify, which currently boasts 170 million active users — including 75 million paying subscribers — worldwide as at March 31. Earlier this year, Eddy Cue, Apple’s senior vice president of Internet software and services, revealed his company was adding about two million new subs each month, and in May, the 50 million subscriber milestone was announced.