On Monday, August 30, 2021, Apple Inc. (NYSE: AAPL) announced that it is acquiring Primephonic, a classical music streaming service. With the acquisition, Apple plans to include Primephonic into the iconic Apple Music. Apple will also launch a dedicated classical music offering, within Apple Music. After the announcement, Apple stock price shot up and ended the day with a 3.04% (+$4.52) increase, to $153.12. In recent analyses, AroniSmart Team has continue to flag Apple as one of the most active and growing stock (see here AroniSmartIntelligence™ in Action: Apple (AAPL) Stock Performance and Momentum Analysis with Support Vector Machine and Dominance Analysis in Q3 2021 and AroniSmartInvest™ in Action: Key Stocks At the End of Summer 2021; Machine Learning, Bayesian Network, Stock Segmentation, Market Sentiment Analyses).
Apple Music News Capabilities with Primephonic
In a statement, Oliver Schusser, Vice-president of Apple Music and Beats, said: "We love and have a deep respect for classical music, and Primephonic has become a fan favorite for classical enthusiasts".
Primephonic is well known to deliver advanced music listening capabilities, including search, playlists, and browse functionality optimized for classical audio and handpicked recommendations.
Commenting on the acquisition, Thomas Steffens, Primephonic's co-founder and CEO, said: "We get to bring classical music to the mainstream and connect a new generation of musicians with the next generation of audience" .
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Apple Music Landscape
Just after the acquisition, Primephonic became unavailable to new subscribers and will be taken offline on September 7, 2021. Existening Primephonic subscribers will be given 6 monts of free access to Apple Music. The Apple's decidicated classical music App will be launched in 2022.
Apple launched Apple Music in 2015. Over the years, it has acquired several music companies and apps, including the music-recognition app Shazam in 2018. However, it has continued to faced tough competition from other music streaming companies, such as Spotify Technology SA, Pandora, Tune-In.
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