Data

Apple talks music revenues: ’The business is growing again’


Tags:

Another quarter, another strong set of financial results for Apple, which saw its revenues rise by 12% to $52.6bn in the third quarter of this year – the company’s fiscal Q4.

Apple’s net profit for the quarter was a cool $10.7bn, up from $9bn this time last year. During the last quarter alone, Apple sold 46.7m iPhones, 10.3m iPads and 5.4m Mac computers. However, its services division – which includes apps, iCloud and Apple Music – saw its revenues grow by 34% year-on-year to $8.5bn.

There wasn’t much to say about Apple Music during Apple’s earnings call last night bar this, from CFO Luca Maestri: “We’re seeing our highest conversion rates from customers trying the service. Revenue grew strongly once again in the September quarter and the number of paid subscribers was up over 75% year-over-year.”

Maestri later returned to the growth. “We turned the corner in music,” he said. “You remember that a few years ago, we were actually declining in music; now with the streaming service in addition to the download business, the business is growing again.”

Stuart Dredge

Read More: Data News
Leave a Reply

(All fields required)