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Key Tech Updates: Apple Earnings, Sony, Snap

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Part 8
Key Tech Updates: Apple Earnings, Sony, Snap PART 8 OF 8

How Spotify Is Trouncing Apple Music

Spotify has seen robust growth in paid subscribers

Music provider Spotify has reached 60.0 million paid subscribers, according to TechCrunch, as it gets ready to go public. In comparison, Apple Music has only 27.0 million subscribers as of June 2017. Spotify touched 60.0 million paid subscribers about five months after it announced it had 50.0 million paid subscribers. In 2016, its revenues rose a stellar 50.0% to $3.3 billion.

The company has easily outpaced Apple Music, as the graph below shows. It has managed to add 20.0 million paid subscribers in a year’s time.

How Spotify Is Trouncing Apple Music

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Apple Music doesn’t offer a free subscription

Apple Music has been growing steadily since its launch in 2015. Apple (AAPL) has been attracting users with albums, concerts, and television-like original content. However, it doesn’t offer a free subscription like Spotify does. You can subscribe to Apple Music for $9.99 per month after completing a three-month trial period.

Spotify plans to go public soon through a direct listing, which doesn’t need an underwriter, rather than an IPO (initial public offering). Spotify is likely to complete the direct listing by the end of this year, according to the Wall Street Journal.

This year hasn’t been a good one for IPOs. Both Blue Apron (APRN) and Snap (SNAP) are trading below their IPO prices.

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