Apple Inc. (AAPL): Beats Music reportedly has 110,000 paying subscribers
Apple Inc. (NASDAQ:AAPL) has reportedly acquired Beats Electronics. Beats Electronics is known for selling high-end headphones and earbuds. Beats also runs a new streaming music service called Beats Music. Beats Music had 110,000 subscribers as of March, according to leaked documentation. Beats Music launched in January.
Beats Music added 61,621 family accounts and 49,371 single-user accounts since January. Family accounts can stream music on up to five devices. These figures are before the addition of an in-app purchase option in iOS. Beats Music streamed 116.4 million songs across the 49,371 individual subscribers, which amounts to around 76 per day.
Beats Music pays a smaller royalty to artists compared to industry standards. Artists receive only $0.000126 per song through Beats Music. Spotify pays $0.006 and $0.0084 per play. This contradicts claims that Beats Music is favorable for artists.