On Tuesday, Apple Music went live and interestingly, it seems that there is more interest in the new product by men.
According to a survey by Fluent Inc., a digital marketing company, the new Apple (AAPL, +0.72%) service is expected to attract double the number of male subscribers as compared to women.
Fluent surveyed 3,500 adults in the U.S. and the results showed that 8 percent of respondents said that they would take advantage of the 3 month free trial offer from Apple. Meanwhile, 6.2 percent said that they would then convert into subscribers.
Interestingly, of the 8% who stated that they would try out Apple Music, 10.9 percent were men while only 5.7% were women. Also, 8.4 percent of men stated that they would pay the monthly subscription fee of only $9.99 while only 4.5% of women said the same. According to Fluent, this translates into approximately 20 million Americans who will try out the free 3 month trial of Apple Music while about 15 million are likely to subscribe to the service.
If these numbers are accurate, this could put Apple Music close to Spotify which recently reported that they have 20 million subscribers in the U.S. This would put both services well ahead of other services such as Tidal, which is backed by Jay-Z, at 770,000 subscribers at the end of April as well as Pandora Media Inc. (P, +0.00%) which had 3.6 million subscribers at the end of last year.
According to Matt Conlin, the president and co-founder of Fluent, as a result of brand loyalty, Apple Music is expected to easily succeed over other radio services and rival streaming services. He went on to say that Apple Music is expected to quickly become the number one streaming music service in the world. To put it into perspective, the official Apple Music Twitter account already has 7.3 million followers.
I guess luckily, Apple Music has had a wild month of publicity prior to its launch on Tuesday. This came after singer Taylor Swift pulled her music off the service as a result of Apple not paying royalties during the three-month free trial period. This matter has now been resolved and users will be able to access music by Taylor Swift who also interestingly pulled her music from Spotify last year.
After the launch of Apple Music on Tuesday, the shares of Apple traded at $125.52, up 0.9 percent. Year to date, Apple shares are up 13.7 percent and they have outperformed the Dow Jones Industrial Average (DJIA) which is down 1% over the same period.
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