Apple Music, music and video streaming service developed by Apple Inc., has reached 30 million subscribers on Thursday, just over two years after it launched.
The streaming service reached 10 million users by January last year and surpassed 20 million subscribers in December 2016, approaching its main rival, Spotify, which has accumulated 60 million paying subscribers since 2008. The healthy growth exhibited by both services contributed to the popularity of streaming, helping it generate 62% of the music industry's total revenue during the first half of this year.
Speaking in an interview with Billboard magazine, Apple Music head Jimmy Iovine said the streaming business has to provide more engagement between the artists and the audience in order to be more successful. "We have big plans and a long way to go. It's just impossible to do it all in two years," he added.
Apple's stock declined 0.77% to $153.0344 at 6:29 pm CET, having fallen 5.22% over the past month.
