Apple ( AAPL Quick Quote AAPL - Free Report) has recently revamped its live radio strategy for Apple Music. The company announced that two new radio stations, namely Apple Music Hits and Apple Music Country, will be launched on its Apple Music service, while its flagship Beats 1 station has been renamed Apple Music 1. The new naming format of Apple Music X also leaves room for the company to continue to expand its radio lineup over time to include more genres and thematic stations. Moreover, with the expansions and rebranding, Apple is also launching new Siri commands to play Apple Music 1, Apple Music Hits, or Apple Music Country — a selection that will be easy to remember for music listeners as it grows over time, attributed to the simplified naming format. Apple Music Radio is supported across iPhone, iPad, iPod, CarPlay, Apple Watch, Apple TV, Mac, HomePod and on the web at music.apple.com Apple Inc. Price and Consensus
Apple Music 1 has become a center for popular culture exchange and artist-led program production through top recording studios in Los Angeles, New York, Nashville, and London by offering artist interviews, global exclusives and premieres, and other breaking music news.
Its show lineup includes those by popular music artists like Action Bronson, Billie Eilish, Elton John, Joe Kay, Lil Wayne, Frank Ocean, Vince Staples and The Weeknd. Moreover, along with the Beats 1 rebrand, Apple is releasing new shows on the channel with Aitch, Kerwin Frost, HAIM, Lady Gaga, Nile Rodgers, Travis Scott, and Young M.A among others. Meanwhile, the newly established Apple Music Hits introduces hit songs from the 80s, 90s, and 2000s. On-air hosts include Estelle and Nicole Sky, while exclusive artist-oriented shows will come from Backstreet Boys, Ciara, Shania Twain, and Snoop Dogg, among others. Apple Music Country will focus on country music. The channel will have multiple on-air hosts as well as exclusive shows from artists like Luke Bryan, Carrie Underwood, and Jimmie Allen alongside shows from legendary producers and songwriters like Dave Cobb, Jesse Frasure, and Luke Laird, and journalist Hunter Kelly. Apple Intensifies Radio Music Streaming Competition
While Apple Music offers its own, smaller selection of personalized playlists, it also wants to better establish itself in the role of tastemaker and a tool to connect fans with artists.
The new music channels are expected to help differentiate Apple Music from current rivals like Spotify ( SPOT Quick Quote SPOT - Free Report) and SiriusXM’s ( SIRI Quick Quote SIRI - Free Report) Pandora, both known for their personalization efforts with playlists tailored to user interests. The new Apple Music radio stations come days after Apple relaunched a beta version of the music service on the web with Listen Now feature. Apple also converted some of Apple Music 1 host Zane Lowe’s interviews into podcasts, which allow listeners to tune into the show outside of its live airing. Moreover, this Zacks Rank #1 (Strong Buy) company has expanded the reach of Apple Music platform to an additional 52 countries in 2020. The expansion ramps up the global presence of Apple Music, which has 60 million subscribers, against Spotify, which is the market leader in audio streaming subscription service with 299 million users, including 138 million subscribers, across 92 markets. You can see the complete list of today’s Zacks #1 Rank stocks here. Markedly, Pandora added 41K self-pay subscribers and exited the second quarter of 2020 with nearly 6.256 million self-pay subscribers. Monthly active users (MAUs) were 59.6 million at the end of the reported quarter. Moreover, other players like Amazon’s ( AMZN Quick Quote AMZN - Free Report) Music services, YouTube Music, ByteDance, Deezer and iHeartMedia have intensified competition in the rapidly growing music streaming space (subscription as well as Ad-based). Per a Statista report, the music streaming market is expected to generate revenues of $12.4 billion in 2020. The figure is expected to rise to $15.5 billion at a CAGR of 5.7% between 2020 and 2024. Further, user penetration in 2020 is expected to be 14.6% and increase by 6.5% by 2024. Apple is focusing on services such as Apple Music, which debuted in 2015 at $9.99/month, to bolster its sales with paid monthly and/or yearly subscriptions. Notably, Services (22% of sales) revenues grew 14.8% from the year-ago quarter to $13.16 billion in third-quarter fiscal 2020. Breakout Biotech Stocks with Triple-Digit Profit Potential
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