Apple (NASDAQ:AAPL) is just seven months into the paid music-streaming business and already the company has overtaken Pandora Media (NYSE:P) in the amount of paid subscribers, and has nearly half as many as Spotify. According to the Financial Times, Apple Music now has 10 million paid subscribers, while Pandora comes in at around 4 million, and Spotify dominates with closer to 25 million.
Apple Music's quick rise isn't guaranteed to continue, though. Spotify's paid subscribers aren't likely to jump ship for Apple, and the company's indefinite free tier (as opposed to Apple's free, three-month trial) could continue to convert casual listeners into loyal Spotify users.
To combat this, Apple had added exclusive content, like live video from Taylor Swift's 1989 World Tour, but it'll likely need more to overtake its rival. Click on the video below to find out more about Apple Music's rise in the music-streaming space.
Chris Neiger has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Apple and Pandora Media. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.