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. 

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