Record results for Apple Music in Q1

Record results for Apple Music in Q1

Apple has reported its Q1 2020 financial results, including record results for streaming service Apple Music.

The tech giant posted quarterly revenue of $91.8 billion (£70.5bn), up 9% year-on-year and also a record result. The services division at Apple (which includes Apple Music and iTunes) reported a 16.9% year-on-year increase in Q1 revenues to $12.7bn (£9.8bn). 

During the earnings call, CEO Tim Cook and CFO Luca Maestri underlined the strong performance by Apple Music. However, Apple rarely reveals specific numbers for the platform. The last public statement in summer 2019 put the platform on 60 million subscribers, trailing Spotify globally. Amazon Music is also gaining ground in third place. 

“Apple Music set an all-time revenue record, offering a catalog of over 60 million songs to our customers,” said Maestri. 

“We are thrilled to report Apple’s highest quarterly revenue ever, fuelled by strong demand for our iPhone 11 and iPhone 11 Pro models, and all-time records for Services and Wearables,” said Cook. “During the holiday quarter our active installed base of devices grew in each of our geographic segments and has now reached over 1.5bn. We see this as a powerful testament to the satisfaction, engagement and loyalty of our customers — and a great driver of our growth across the board.”

author twitter FOLLOW Andre Paine

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