Apple Music to shift from iTunes
Apple (AAPL) is shifting away from iTunes, as the company is transitioning toward a separate music app. The latest version of Apple’s macOS will replace the iTunes application with three different apps that were previously part of iTunes: Apple Music, Apple Podcasts, and Apple TV. Apple’s latest phone and desktop operating systems, iOS 13 and macOS Catalina version 10.15, respectively, will also not have the iTunes app.
The transition could boost Apple Music’s number of subscribers, which has reached over 60 million. Apple Music has cut prices in India and is offering free music streaming to American Airlines and free trials to Shazam users to gain more subscribers worldwide.
Apple’s growing Services segment
Apple Music forms part of the Services segment, which also includes iCloud storage, the App Store, Apple Care, and Apple Pay. Apple’s Services segment is the company’s second-largest business after the iPhone, which has been showing weakness as of late.
Apple’s Services segment posted revenue growth of 24.6% year-over-year in the second quarter. The segment has been reporting double-digit revenue growth for the past 16 straight quarters driven by growth momentum in its businesses.