Is Apple Music Profitable 2024?

About Apple Music

Apple Music eas launched on 30th June 2015. And in the first year itself the company reached 11 million subscribers.

How Does Apple Music Compare To Spotify?

The most significant difference between Apple Music and Spotify is that the former offers subscription-only service while the latter also offers free ad-supported listening to users.

Apple Music Market Share

Spotify leads the music market with 30.5% market share, followed by Apple Music (13.7%) and Tencent Music (13.4%).

Apple Music Users

The total number of Apple Music users has been increasing consistently ever since the app’s launch. In 2022, Apple Music had 88 million users, as compared to 80 million users in 2021.

Apple Services Revenue

Apple Services generated $85.2 billion in 2023 and Apple Music contributes 6.4% to this number.

Apple Music Annual Revenue

Based on the total streaming global revenue, it is estimated that Apple Music made $8.3 billion in 2022.

Is Apple Music Profitable?

Apple Music makes low profits because of the high royalty it pays to artists and music labels.