NEW YORK (TheStreet) -- Shares of Apple (AAPL) are advancing 1.31% to $128.67 on Wednesday as music industry leaders at the New Music Seminar agreed that Apple's streaming service will benefit the future of music, MarketWatch reports.
Representing both major and independent labels, leaders discussed how Apple Music may revive the music industry, as the last 15 years have been "the greatest depression" in the industry's history, with revenues down nearly 70% since 2000, MarketWatch said.
Through its streaming service, the tech giant has the potential to triple the growth of streaming if it can convert 200 million free-trial sign-ups into subscribers, Founder of the New Music Seminar and CEO of Tommy Boy Entertainment Tom Silverman noted.
Additionally, Silverman applauded the company for recently agreeing to pay artists royalties during the first three months of Apple Music customer trial period.
Apple's decision to reverse its policy comes after Taylor Swift publicly criticized the company.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."