Apple published its latest quarterly financials yesterday, for the first quarter of 2020 (the company’s fiscal Q2).
Services were once again a standout category for the company, setting another quarterly record of $13.3bn in revenues. There was also an announcement (of sorts) about Apple Music’s growth within that segment. “Apple Music and cloud services, both set all-time revenue record and AppleCare set a March quarter record,” chief financial officer Luca Maestri told analysts in Apple’s earnings call. “Paid subscriptions for all three of these services were up strong double-digits.” This is year-on-year growth that he was talking about.
As a reminder, Apple Music reached 50 million subscribers in late January 2019, then 60 million in late June that year, but has not updated the figure since. “Strong double digits” leaves plenty of room for speculation. If Apple Music had matched Spotify’s 31% year-on-year growth in subscribers, it would have reached 65.5 million by the end of January 2020, and could be on track for 78.6 million by the end of June 2020 (but as we said: speculation).
In separate Apple Music news, the service is revamping two of its Latin-focused playlists, ‘Nuevo Nuevo’ (formerly ‘Breaking Latino’) and ‘La Nueva Grasa’. The former is focused on new artists and breaking tracks, while the latter zeroes in on Latin urban music.