Apple Inc. (NASDAQ:AAPL), came up with another initiative called Apple Music, but didn’t get the response it craved for. As per the reports, the industry didn’t respond well to Apple’s free trial royalty rates. However, experts claim that Apple Music can give a close competition to Sirius XM Radio Inc (NASDAQ:SIRI) in terms of conversion rate if it can grab the nerve of its users.
Insights On The Matter:
Tuesday was a special day as the New Music Seminar kicked off in The USA. It’s a three-day seminar that is organized every year to discuss the future of music in the country. The one discussion that covered a wide part of the event was Apple’s entry into the music field and the competition it would have to face. Most of the experts present during the event considered Apple’s entry in Music streaming world a positive point.
According to Tom Silverman, it’s a little more than good. Initially, Apple is expected to cover over 200 million customers in the free-trial scheme. In case, Apple Inc. (NASDAQ:AAPL) can come up with an innovative way to turn these 200 million free trials into paid customers, its streaming services can generate three times revenue than others in this field. In this case, Apple would just equal the conversion rate of prominent player Sirius XM Radio.
Silverman is the founder of New Music Seminar and also heads the Tommy Boy Entertainment, which was established in 1981. In the past, nobody had thought that a company with the likes of Apple would ever look forward to entering into the music world; however, things look completely changed now.
If Apple Inc. (NASDAQ:AAPL) can manage to be persistent to its goal and find out an effective way to correct things that went wrong with Apple Music, it can surely write a new success story in the music industry.
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