Apple Music recorded $2 billion in revenue in 2017, contributing nearly 4.1 percent of Apple Services’ total growth last year. Apple’s overall music business is on the decline due to diminishing iTunes sales, which have decreased nearly 50 percent since 2014.
“Looking forward, we estimate that Apple Music could grow by 70 percent in fiscal 2018 and 50 percent in fiscal 2019, contributing nearly 500 basis points per year to Services revenue growth and enabling Apple’s overall music business to become meaningfully accretive to Services revenue and [average revenue per user] for the first time in years,” Toni Sacconaghi, a senior tech analyst with AllianceBernstein, told U.S. News & World Report.
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