Apple Music plans to launch a dedicated classical music app next year by combining Primephonic’s classical user interface.
Apple Inc (NASDAQ: AAPL) stock closed yesterday, August 30, trading at $153.12, up 3.04% in regards to the day’s opening price. Meanwhile, the rise had cooled off during the after-hours trading session as Apple stock traded around $152.91, down approximately 0.14%. The spike experienced on Monday was partially attributed to the announcement that Apple has acquired renowned classical music streaming service Primephonic.
According to the company through a press release on Monday, the acquisition of Primephonic will add to its rich music subscription services. Consequently, its customers will have more options available to choose from.
Apple and Primephonic Acquisition
The company has gradually reorganized its subscription services since last year to provide cheaper and quality services and in turn attract more customers who reciprocate to higher revenue collection.
In a note through the press release, Oliver Schusser, Apple’s vice president of Apple Music and Beats said that Primephonic was a strategic acquisition based on its contents. “Together, we’re bringing great new classical features to Apple Music, and in the near future, we’ll deliver a dedicated classical experience that will truly be the best in the world,” he added.
On the other hand, Thomas Steffens, Primephonic’s co-founder and CEO said that the acquisition will go a long way in taking the classical music industry mainstream.
“Bringing the best of Primephonic to Apple Music subscribers is a tremendous development for the classical music industry. Artists love the Primephonic service and what we’ve done in classical, and now we can join with Apple to deliver the absolute best experience to millions of listeners. We get to bring classical music to the mainstream and connect a new generation of musicians with the next generation of audience,” he noted.
His sentiments were reiterated by Gordon P. Getty, a major shareholder of Primephonic. He added that future generations will have a chance to enjoy classical music:
“Primephonic was founded to ensure that classical music will stay relevant for future generations. Primephonic and Apple together can realize that mission and take classical to a worldwide audience.”
AAPL Stock Market Outlook
Apple stock is expected to continually reap the benefits of Primephonic acquisition. However, the real benefits are expected from next year since the company will take the Primephonic application offline from September 7, 2021. Notably, Apple Music plans to launch a dedicated classical music app next year by combining Primephonic’s classical user interface.
Apple stock is up 18%, 15% and 22% in the past year, year to date and three months respectively through Monday according to metrics provided by MarketWatch.