“Apple Music could be worth more than half of Spotify if Apple is forced to divest it to comply with antitrust-related actions,” claims a report on financial news site Barrons. Which, we have to say, is an extremely big ‘if’ right up front: thus far, complaints about Apple giving its own music-streaming service an advantage over rivals are geared more towards reform of the company’s App Store policies, rather than forcing it to divest Apple Music.
Still, the note from Evercore ISI analyst Amit Daryanani offers some interesting stats to think about. “Spotify currently trades at about 3.9 times revenue or 263 times paid subscribers,” wrote Daryanani. “Applying those multiples to our fiscal 2018 Apple music estimates of about $5.1 billion and 54 million subscribers would value Apple Music at $15-$20 billion.” But as we said, even Spotify isn’t publicly pushing for an Apple Music spin-off at this point: instead, its complaint has focused on its desire for a “level playing field” on the App Store.