Apple Music has partnered with digital radio platform TuneIn to expand its global reach. Starting August 27, six of Apple Music’s live ad-free radio stations will be available on TuneIn’s platform for the first time, reaching 75 million monthly listeners.
The deal includes promoted content from Apple Music on TuneIn’s platform, aiming to attract new users and convert them into paying customers. This move comes as Apple Music faces competition from Spotify, which has gained market share by offering a free ad-supported tier.
As of late 2020, Spotify held 31% of the US market share, while Apple Music had 25%. Globally, both services have seen their shares decline. With this partnership, Apple hopes to regain ground and expand its audience.
TuneIn’s massive user base provides an opportunity for Apple Music to reach a wider audience, especially those new to the service or using other platforms. This strategic move aims to increase subscriptions and convert casual users into long-term customers.
Analysts rate AAPL stock as Moderate Buy with a $238.45 average price target, implying a 3.81% upside potential.
Source: https://www.tipranks.com/news/apple-aapl-music-teams-up-with-tunein-to-reach-75m-new-listeners