Apple’s new streaming service, Apple Music, has reportedly drawn 11 million trial subscribers one month after its launch.
The numbers are impressive for a fledgling streaming service. According to USA Today, if the company were to convert all of those trial subscribers into paying customers, the new service would have roughly half the number of subscribers as industry leader Spotify in just three months. Spotify has been around for nearly a decade.
New Apple Music users are able to try out the service for free during a three-month trial period. After that, the service costs $9.99 per month for an individual user, and $14.99 per month for a “family” license that allows access for up to six users.
Apple senior executive Eddy Cue told the paper the company was “thrilled with the numbers so far.” Cue said two million people had already signed up for the more expensive family plans.
The quick consumer adoption of Apple Music could be good news for an industry struggling to adapt to the streaming service model. Industry leader Spotify is having trouble with its revenue-sharing mechanisms and with converting unpaid subscribers into paying customers, and the new flashy Tidal service, launched with much fanfare and celebrity support earlier this year, has flopped badly.
“We think we have hit a nerve,” record producer, Beats co-founder and now Apple employee Jimmy Iovine told USA Today. “This isn’t just about providing access to music, this is about building a community. From the artist-community side, I’m hearing a sigh of relief, that now finally they have tools they can use to access their fans. To Apple’s credit, they move like lightning. You get what you give.”
The optimistic news comes as Apple’s stock has slid roughly 14 percent from a high of $134.54 on April 28. At least one investment expert has warned that a steeper drop in the price of Apple’s stock could bring down the broader market with it.