Watch out Spotify, Apple Music wants a bigger share of the music streaming market…
Just two days ago, DMN reported Apple Music’s plans for a complete design overhaul of its music streaming platform to make it more ‘bold’ and ‘simple’ for its users.
Now, the streaming service has announced a 50% reduction of its monthly subscription for students enrolled in an eligible college or university. The new tier is available today for both existing and new subscribers on both iOS and Android. The current membership in the US is $9.99, so for a student that means their subscription would be just $4.99 a month. If this isn’t enough to spark an increase in sign up, I don’t know what is.
Apple Music currently stands at 13 million subscribers – a milestone that it hit last week, and has been growing at an unprecedented rate since it launched in June last year. But, this figure still sets it way far behind Spotify’s 30 million paying subscribers.
However, a new user-friendly design and a half price membership option could have the ability to create a massive surge in subscribers, which is what Apple will be hoping for, as the service wants to better compete with its major rival Spotify.
Though, competing on the same level as Spotify may be more difficult than expected, as DMN analysed the growth of both streaming services and uncovered that both platforms are adding one million more paying users a month on average. This means that if both streaming services continue to do so, we will see Apple Music surpassing 20 million subscribers by the end of the year, and Spotify nearly reaching double that amount at nearly 40 million subscribers by the end of 2016.
So, the question is, can Apple Music significantly increase its rate of growth, so that it eventually reaches Spotify’s level?