Apple Music Could Have A Whole Lotta Subs By 2023
Last week Morgan Stanley tech analyst Katy Huberty made a pretty bold prediction about music streaming. According to her forecast Apple Music’s worldwide subscriber base will grow from 50M to 164M by 2023. That’s a 110M+ increase in just the next five years. Huberty predicts Apple’s Services division (which includes Music) will sustain a 20% annual growth rate for the foreseeable future, based on a “more engaged iOS user base and broadening portfolio of Services.”
Playing along with this forecast for a minute, what would the ramifications of that kind of growth be on the rest of the streaming sector? It’s doubtful other subscription streamers like Spotify, Amazon, etc., would also grow at that rate. So will Apple steal share of an expanding streaming pie? Could that growth start to cut into the competitions’ listener base? It’s widely believed that Apple Music’s subscriber base has already surpassed Spotify in the US. So the 164M worldwide forecast may not be so crazy after all.