Apple Music has come up with a new music plan, but it is hidden deep inside the app. Until now, subscribers were able to get the monthly music plan by paying $99 through a gift card, but now, the gift card is not required, according to TechCrunch.
How to find the new music plan
Apple’s new music plan of $99 (or $8.25 per month) seems pretty competitive when compared to peers such as Spotify and Pandora, which offer service for $9.99 per month. Consumers might find Apple’s new plan cost saving and more attractive because players such as Spotify are not offering any discount as of now.
Amazon, on the other hand, is offering an unlimited music subscription for $79 per year. There are a few more rivals also, like Alphabet’s Google Play Music, which has now been around for five years, and smaller rivals like Deezer and Tidal. Apple Music and Spotify together account for 64% of the entire global paid music streaming market.
Deprival Super-Reaction Syndrome And Investing. Part four of a short series on Charlie Munger’s Human Misjudgment Revisited. Charlie Munger On Avoiding Anchoring Bias Charlie Munger On The Power Of Prices The Munger Series - Learning . . . SORRY! This content is exclusively for paying members. SIGN UP HERE If you are subscribed and having an Read More
To find the new plan, a user will need to dig a bit inside the app. First, open the App Store and go all the way to the bottom of the featured tab. Thereafter, click on Apple ID and enter your password, then tap on the subscription option and go to the Apple Music membership settings. There, you will see the “Individual (1 Year)” setting.
For now, it seems that Apple has made the plan available only to current subscribers, and any new sign-up is not eligible. If you want the plan, you will first have to sign for the monthly plan to be eligible for the $99 subscription option for the whole year, notes Business Insider. The new subscription plan is also not open to subscribers with the Family plan. However, it would not make much difference, as the Family plan is already a budget offering enabling six people to access the full Apple Music service for $14.99.
Apple Music is growing faster than rivals
Apple Music’s new plan comes just weeks after it reached an important milestone. During WWDC 2017, the iPhone maker revealed that its music service hit 27 million paid subscribers. Apple Music, which was first announced two years ago, reached the 27 million mark at a faster pace than Spotify, which took about seven years to achieve the same number.
In March, Spotify announced that its paid service had reached 50 million users, retaining the top position. However, in terms of growth, Apple is clocking higher numbers than any other subscription music service, notes InvestorPlace. In March 2016 when Spotify reported 30 million subscribers, Apple Music had approximately 11 million subscribers. Reaching more than double in a short span says a lot about how subscribers love Apple’s offering. Apple Music is also making a significant contribution to the company’s revenue, and it acknowledges that the division is quite important to it.
On Monday, Apple shares closed up 2.86% at $146.34. Year to date, the stock is up more than 26%, while in the last year, it is up almost 54%. The stock has a 52-week high of $156.65 and a 52-week low of $91.50.