Apple Music at 27 Million Subscribers, Still Trailing Spotify

During Apple's (AAPL) Worldwide Developers Conference on Monday, the tech titan said that its Apple Music now boasts 27 million paid subscribers.

Apple Music's 27 million subscribers is an increase from the 20 million it had in in December.

However, Apple Music rival Spotify said in March that its platform had eclipsed the 50 million subscriber mark.

Spotify, a private online music streaming service, will opt for a direct listing on the NYSE when it goes public between the fourth quarter of 2017 and the first quarter of 2018.

Shares of Apple were sinking over 1% during afternoon trading on Friday. 

Follow the latest developments at WWDC with TheStreet's live blog.

(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here. )

More from Stocks

Stocks Wobble as Trump Rails Against Unfair Trade Deals

Stocks Wobble as Trump Rails Against Unfair Trade Deals

SiriusXM Stock in Make-or-Break Mode Following Pandora Deal: Must-See Chart

SiriusXM Stock in Make-or-Break Mode Following Pandora Deal: Must-See Chart

Here's Why Sonic Was Bought Out

Here's Why Sonic Was Bought Out

Facebook Looks Poised to Make a Recovery

Facebook Looks Poised to Make a Recovery

Facebook Battles Negative Sentiment and a Weak Chart

Facebook Battles Negative Sentiment and a Weak Chart