Apple (AAPL) CEO Cook Updates on Apple Music Metrics; Initial Conversion Rate at ~60%
Apple (Nasdaq: AAPL) CEO Tim Cook said that the company has 15 million people on its Apple Music streaming music service, with 6.5 million paying subs.
News comes from commentary at the WSJDLive tech conference on Monday.
In August, Apple SVP Eddy Cue said that Apple Music had 11 million users on the free-trail subscription of its service, which launched at the end of June. (Current math has free-trial subs at about 8.5 million.) But, that also means that there was a roughly 60 percent conversion rate for early adopters of the service.
Apple Music will run users $9.99 per month for individuals and $14.99 per month for families.
Spotify, which launched in 2008, has about 75 million active users and 20 million subscribers.
Cook also noted that the new version of Apple TV will begin shipping by the end of next week.
Shares of Apple are indicated lower early Tuesday.
