Beats Electronics launched its US-based music streaming service in January of this year, entering a crowded market dominated by Pandora, iHearRadio and Spotify. As echoed in an earlier report, Beats Music may be struggling to attract paying customers, with a small subscriber base of only 111,000 users in March 2014, claims a report in music industry blog Trichordist that was relayed by The Guardian.
These subscribers numbers were taken from a royalty report, leaked to the Trichordist, that lists the number of customers who are paying for the service. Of these accounts, 49,371 are individual accounts, while 61,621 are “family” accounts that can have up to five users. This 111K figure places Beats far behind its competitors, such as Spotify that has 6 million paying subscribers globally and more than 1 million in the US as of March last year.
Apple is rumored to be buying Beats Electronics, at least partially for its streaming music service. Though Beats’ music subscriber base is comparatively low, Apple may be eyeing the service’s potential for growth as streaming services expand to become the dominant method for listening to music.
A recent chart from Statista and published by Business Insider reveals this growing trend towards streaming music and away from traditional downloads, which has been the focus of iTunes since its launch. In the year between 2013 and 2013, downloads have declined 1 percent, while streaming has jumped 49% and now accounts for a fifth of all US music revenues.
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