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Apple Lowers Price On Apple Music, Increases Rivalry With Spotify


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 7 years ago '13        #1
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Apple Lowers Price On Apple Music, Increases Rivalry With Spotify
 

 
Apple (AAPL) has cut the price of its Apple Music service to $8.25 a month if you pay for it on annual basis, compared with $9.99 a month for the pay-as-you-go plan.

Apple quietly began offering existing subscribers the option to pay an annual fee of $99 rather than the usual $9.99 per month, TechCrunch reported Monday. The annual plan is a savings of $20.88 a year, or 17%, from the month-to-month plan.

Autoplay: On | OffApple's pricing move increases the pressure on rivals like Spotify, Pandora (P) and others to offer cheaper plans than the standard $9.99-a-month price.

Apple announced June 5 that it has 27 million paying subscribers for Apple Music. Spotify said last Thursday that it has 140 million users, including its advertiser-supported free tier and its premium subscription tier. Apple doesn't have a free tier, but offers three-month free trial subscriptions to new users. In March, Spotify said it had 50 million paying subscribers.

IBD'S TAKE: Apple stock has an IBD Composite Rating of 79, meaning it has outperformed 79% of stocks in key metrics over the past 12 months. For more information on Apple, visit the IBD Stock Checkup.

Meanwhile, Apple is using original video programming to make its Apple Music service more enticing. It currently streams a "Shark Tank" copycat show called "Planet of the Apps" and also has music videos, concert films and music industry documentaries. Next up is "Carpool Karaoke: The Series," which will premiere on Apple Music on Aug. 8.

Streaming music services are trying to outdo each other with exclusives. On Monday, rapper Jay Z announced that his new album is coming June 30 exclusively to Tidal, a streaming service in which he holds an ownership stake.

 http://www.investors.com/news/technology/click/apple-lowers-price-on-apple-music-increases-rivalry-with-spotify/?src=A00220&yptr=yahoo



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