Jimmy Iovine talked a giant sport about serving to Apple’s streaming efforts for the lengthy haul, however phrase has since surfaced that the revered music trade vet might be leaving Apple for good as soon as his inventory choices vest. Iovine initially joined Apple in 2014 when Apple acquired Beats for $three billion, nonetheless the corporate’s largest acquisition so far.
With Iovine on the helm, Apple Music endured a shaky begin and has gone on to be one thing of successful. Last we heard, Apple Music — as of September 2017 — now boasts greater than 30 million paying subscribers. But for so far as Apple Music has come in recent times, Apple’s streaming service nonetheless can’t appear to maintain tempo with Spotify.
Just someday after stories of Iovine leaving Apple surfaced, Spotify fired off a tweet indicating that it now has a whopping 70 million paying subscribers.
That’s a rise of 10 million subscribers from this previous July when Spotify mentioned that its subscriber rely was at 60 million. That’s a strong 16% achieve in simply six months time. As for total customers, we didn’t get an replace on that, however Spotify this previous summer time mentioned that its service has upwards of 140 million customers, the vast majority of which presumably benefit from Spotify’s ad-supported free tier.
Incidentally, Spotify is on the brink of go public, having simply filed the requisite paperwork with the SEC earlier this month. If all goes in accordance with plan, Spotify will go public someday through the first half of 2018. Interestingly, although, Spotify might go about its IPO in a singular method.
As Reuters reported just lately:
If Spotify, which was valued at as a lot as $19 billion final yr, goes forward with its plans, it will be the primary main firm to hold out a direct itemizing, an unconventional strategy to pursue an IPO with out elevating new capital.
A direct itemizing primarily eliminates the necessity for a Wall Street financial institution or dealer to underwrite an IPO together with many related charges and will change the way in which firms strategy promoting shares to the general public.
Spotify’s IPO apart, it will likely be fascinating to see how Apple Music is impacted, if in any respect, by Iovine’s departure give that he was seemingly the driving pressure behind lots of the service’s distinguishing options reminiscent of curated playlists and unique launches from A-list artists.
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