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REPORT: APPLE HAS A SUBSCRIBER ISSUE

In a report that states the music industry is about to go on a five-year growth spurt, Cowen and Co. also finds that Apple Music is not holding on to subscribers as well as Spotify.

Apple Music’s churn rate is 6.4% per month, almost triple that of Spotify, Business Insider reported. The Cowen report, authored by analysts John Blackledge and Tim Arcuri, suggests that Apple Music might catch up to Spotify’s 30m users but that about three-quarters of them will ultimately drop the streaming service.

In connecting the dots, Business Insider decided that a possible acquisition of Jay Z’s Tidal would make sense for the company.

Blackledge told CNBC after the report came out that Spotify will hold onto the #1 spot globally for years to come, but “behind that it’s really competitive.”

The report also found that YouTube was the main source for music behind terrestrial radio for people aged 18-24. While using sites for music does not move the needle financially, Blackledge said, “music leads to consumers doing other things within their ecosystem.”

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