The rapid growth of streaming service Apple Music, which picked up over 15 million subscribers in its first year, has led an analyst to hail a “positive short-term indicator” for Apple’s stock performance.
Lior Ronen, an Equity Analyst at Finro, has wrote an article for Amigobulls in which he observes that Apple is “storming with full power to boost its service segment revenues”. The recent story of Apple’s interest in acquiring rapper Jay Z’s competing service Tidal, he adds, looks like part of “a well-organized plan to take the lead in the music streaming market”.
Apple’s services segment, Ronen reckons, should increasingly take up a larger slice of the company’s revenue in the lengthy wait for Apple to unveil its rumored autonomous car. All of this leads Ronen to conclude: “I remain bullish on Apple stock in the long haul.”
There is certainly good reason to believe that a Tidal acquisition would prove a potent weapon in Apple Music’s battle against rival Spotify, as we explain further in the new issue of AppleMagazine.
