Apple’s music streaming service passes 10m subscribers

Apple has passed 10 million subscribers for its music streaming service, taking six months to hit a milestone its arch-rival Spotify took six years to hit, say people familiar with the matter.

The rapid growth of Apple Music, which was launched in more than 100 countries in June, raises the stakes in streaming, a form of distribution that offers hope to the music industry after more than a decade in the doldrums.

"It's good news that Apple is making streaming work but it is also going to accelerate the decline of downloads," said Mark Mulligan, music industry analyst with Midia Research.

Apple was rapidly gaining on Spotify and at its current growth rate had “the potential to be the leading music subscription service some time in 2017”.

Streaming is becoming the dominant form of digital music consumption.

– (Copyright The Financial Times Limited 2016)