Apple Services Growth Still Booming, But How About Music?

Apple printed its financials for the 3rd quarter of 2023 – its fiscal This fall – the day before today.

They printed that the corporate’s quarterly revenues had been down 1% year-on-year to $89.5bn. Alternatively, the breakdown between merchandise ({hardware}) and products and services is fascinating.

Apple’s gross sales fell by means of 5.3% to $67.18bn final quarter, however its products and services revenues grew by means of 16.3% to $22.31bn. That’s no longer reasonably larger than the mixed gross sales of Macs, iPads, wearables, HomePods and different equipment (that was once $23.38bn) however no longer some distance off.

There was once a fascinating sentence from CEO Tim Cook dinner in Apple’s profits name. “We accomplished all-time earnings information throughout App Retailer, promoting, AppleCare, iCloud, cost products and services, and video, in addition to the September quarter earnings document in Apple Track,” mentioned Cook dinner.

Why is that this fascinating? As it way final quarter wasn’t an all-time earnings document for Apple’s track products and services. And that brought on us to return to earlier profits calls to check what was once mentioned:

• This fall 2022 (Apple’s fiscal Q1): “We additionally set information in lots of Products and services classes, together with all-time earnings information for cloud products and services, cost products and services and track”
• Q1 2023 (Apple’s fiscal Q2): “We accomplished all-time earnings information throughout App Retailer, Apple Track, iCloud and cost products and services”
• Q2 2023 (Apples’ fiscal Q3): “Along with the best-ever information Tim discussed previous, we additionally set June quarter information for promoting, App Retailer and track”

And now a September quarter earnings document for Apple Track. That means that Apple’s track revenues within the final two quarters had been smaller than the best-ever document it set in Q1 2023, even though nonetheless more than their similar quarters final yr.

It’s one thing to control, anyway. And naturally, Apple Track’s annual revenues might nonetheless have larger.

Apple hasn’t introduced an reliable determine for Apple Track subscribers for a number of years, even though Midia Analysis estimated that they grew from round 78.6 million in June 2021 to round 84.7 million a yr later.

In the meantime, track publishing trade frame the NMPA not too long ago printed that Apple Track had 32.6 million subscribers in the United States.

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