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Apple reports jump in Apple Music subscriptions

Apple reported double-digit revenue growth from Apple Music subscriptions and iCloud storage in its latest quarterly results.

Apple CEO, Tim Cook

Apple CEO, Tim Cook

Speaking on the earnings call, CEO Time Cook, said that Apple had experienced “strong growth in the total number of paid subscriptions for our own services and the third-party content we offer on our stores. Paid subscriptions now exceed 165 million.”

He also described App Store momentum as “terrific” with a 26% year-on-year increase in the number of developers offering apps for sale on the store and revenue up 40% year-over-year to an all-time quarterly record.

In its earnings breakdown, Apple said its ‘services’ unit experienced an 18% year-on-year increase in revenues to US$7.04 billion (€6.45 billion). This included revenue from digital content and services, AppleCare, Apple Pay, licensing and other services.

Apple has lined up two original series for its subscription Apple Music service, which are due to launch this year: Carpool Karaoke, a spin-off of segment from the Late Late Show with James Corden; and Planet of the Apps, a show that will see app makers pitch for investment from Will.i.am, Jessica Alba, Gary Vaynerchuk and Gwyneth Paltrow.

According to a recent report, Apple is now aiming to release as many as 10 original series this year through Apple Music, and is working on “several” music-themed documentaries.

Overall Apple posted quarterly revenue of US$52.9 billion and net income of US$11.0 billion for its fiscal second quarter, ended April 1, 2017. This compares to revenue of US$50.6 billion and net income of US$10.5 billion in the year-ago quarter.

Tags: Apple, Apple Music, US