For many years, iTunes ruled the music industry. The introduction of the iPod kicked CD players to the kerb, dawning a new era in music technology. While loading 1000’s of songs onto the tiny device was undoubtedly a game-changer, the introduction of music streaming proved to be more convenient – thus spearheading iTunes’ fall from grace. According to Digital Music News, the service will reportedly officially announce the shut down on March 31, 2019.
In an interview with the BBC, Apple’s exiting Apple executive Jimmy Iovine discussed music streaming’s influence on iTunes.
“The streaming services are all charging $9.99 and everyone has the same music,” he told the publication. “And it’s really nice. You get whatever song you want, you get your playlists – but there’s got to be more interaction between the artist and the audience. Sooner or later, something’s got to give.”
Thanks to platforms such as Spotify and Apple Music, iPods have become obsolete. In the United States last year, music streaming was reportedly responsible for approximately 65% of the music industry’s revenue. In addition to this, the “Big 3” labels (Warner Music Group, Universal Music Group & Sony) were collectively raking in $14.2 million per day from streaming services alone. With gargantuan numbers like these, Apple was forced to turn their focus to Apple Music, leaving iTunes in the rear-view mirror.