Apple’s company annual report revealed its net sales of digital music have declined over the year, “offsetting” gains from its total net sales from the iTunes Store.
According to Apple’s 10-K filing, net sales from the company’s iTunes Store reached $10.2 billion in 2014, compared with $9.3 billion last year, leading to a surge in overall net sales of iTunes, Software and Services. It added that the increase was due to a rise in app sales, “reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases.”
However, a continuing downtrend in digital music sales had slightly “offset” the net sales growth, the 10-K filing added. Citing a report from the Wall Street Journal, Venture Beat reported that Apple sales had indeed dipped from 14 percent to 13 percent.
Digital track sales started its downward spiral in 2013, down $1.26 billion from $1.34 the previous year, Nielsen Soundscan data showed, according to Time. CD sales were also down 14 percent to $165 million during the same period.
Conversely, music consumption grew 32 percent to $118.1 billion on streaming platforms by the likes of Spotify, YouTube and Rhapsody. It is expected to swell more as a number of streaming service providers up the ante with 4K or high-resolution audio.
In related news, spoken word audio platforms are also trying to corner their share of the market. AudioBoom (AIM: BOOM), a spoken word audio streaming service has rebranded itself and launched a new iOS app to reach more users of the platform. The platform has grown its customer base to 3 million registered users in a matter of months.
Additionally, the platform gained 260 million page impressions in August, representing a 280 percent from the previous month’s traffic figures. In September, AudioBoom reached a milestone with 1,744,113 listens in just 24 hours thanks to 2,051,220 unique users who tuned into sports channels on the site for transfer deadline news and rumors.
AudioBoom trades on the London Stock Exchange’s AIM platform for emerging companies. It has more than doubled its share prices from 5 GBX to 15 GBX following a reverse merger with One Delta.
Arden Partners, an equity research firm and stockbroker in London, gives the stock a “Buy” rating and forecasts the stock to reach 14 GBX by the end of the year.
Interested parties can learn more about Audioboom’s investor relations and services by visiting the company’s website, http://audioboomplc.com/ and calling its London headquarters at +44 207 403 6688.