For many years now, Apple has ruled the music industry. The introduction of the iPod kicked CD players to the kerb, dawning a new era in music technology. They have now become the first United States company with a market cap of over $1 trillion, they officially crossed the finish line on August 2nd when its stock crossed the $207.05 per share mark.
GBH Insights analyst Dan Ives spoke to CNBC after the historic market move, saying
“I think it just speaks to just how powerful the Apple ecosystem has become over the last few decades. This is not the end, that they hit $1 trillion. I view this as just kind of speaking to a new stage of growth and profitability.”
Apple recently revealed plans to shut down their legendary iTunes service in march 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.”